Gold Futures: Upside running out of steam

Pablo Piovano FXStreet

Open interest in gold futures markets shrunk for yet another session on Friday, this time by around 23K contracts according to advanced data from CME Group. In the same line, volume went down by around 33.5K contracts.

Gold could re-test 2020 highs

Prices of the ounce troy of gold extended the recovery on Friday amidst diminishing open interest and volume. That said, while a potential test of yearly highs near $1,770 per ounce remains on the cards, the uptrend could be losing momentum.

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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