Gold Futures: Upside could take a breather
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Open interest in gold futures markets shrank by nearly 2K contracts after three consecutive daily builds on Tuesday, according to preliminary prints from CME Group. Volume, instead, went up by the second straight session, now by around 42.8K contracts.
Gold prices charted a new YTD high past the $1940 mark per ounce troy on Tuesday. The daily gains, however, were on the back of diminishing open interest, hinting at the likelihood of a corrective decline in the very near term. In the longer run, the precious metal continues to target the key $2000 yardstick.
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