Gold Futures: Room for extra consolidation near term

Pablo Piovano FXStreet

Open interest in gold futures markets rose by just 441 contracts on Monday, adding to the previous small daily build according to flash data from CME Group. Volume, instead, extended the choppiness for yet another day and shrank by around 130.5K contracts.

Gold remains capped by $1,800

Gold prices remained within the consolidative mood at the beginning of the week, charting a negative session amidst a small uptick in open interest. So far, prices of the ounce troy of the precious metal are seen within $1,750 and $1,780 for the time being, while the key $1,800 mark continues to be the magnet for bulls.

Author

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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