Gold Futures: Upside remains limited

Pablo Piovano FXStreet

In light of advanced figures from CME Group for Gold futures markets, investors trimmed their open interest positions for the third session in a row on Wednesday, this time by around 4.7K contracts. Volume, instead, went up for the second consecutive session, now by around 48.3K contracts.

Gold remains capped by $1,800

Gold prices extended the choppy activity so far this week and posted decent gains on Wednesday. The positive move, however, was on the back of shrinking open interest, indicative that further upside could be losing traction. That said, the metal faces the next target of note at the $1,800 mark per ounce troy for the time being.

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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