Gold Futures: Upside could be losing traction
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Open interest in gold futures markets shrank for yet another session on Wednesday, this time by around 4.1K contracts according to advanced prints from CME Group. Volume, instead, reversed the previous daily drop and went up by around 50.6K contracts.
Prices of the ounce troy of gold advanced strongly on Wednesday. The uptick, however, was on the back of shrinking open interest, which suggest that the upside momentum could be running out of steam in the very near term. On the upside, the next target of relevance is seen at the $1,800 region, an area reinforced by the proximity of the 200-day SMA, today at $1,796.
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