Gold Futures: Probable consolidation near term

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted traders added around 4.6K contracts to their open interest positions on Tuesday, reaching the fourth consecutive daily build. In the same line, volume kept the erratic performance and went up by nearly 12K contracts.

Gold still targets a move to the 200-day SMA

Gold prices charted an inconclusive session on Tuesday amidst rising open interest and volume. That said, while some consolidation appears likely in the very near term, the yellow metal still targets the $1,800 mark per ounce troy and beyond, where also sits the 200-day SMA.

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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