Gold Futures: Room for further consolidation

Pablo Piovano FXStreet

Considering preliminary figures from CME Group for gold futures markets, open interest increased by around 4.3K contracts after three consecutive daily drops on Tuesday. Volume, instead, resumed the downside and shrank by around 51.3K contracts, partially reversing the previous build.

Gold appears capped by the 50-day SMA

Gold prices charted an inconclusive session on Tuesday amidst rising open interest, which is supportive of some consolidation in the very near term. On the upside, in the meantime, the uptrend is expected to remain limited by the 50-day SMA around $1,830 mark per ounce troy.

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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