Gold Futures: Rally could take a breather
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CME Group’s flash data for gold futures markets noted open interest shrank for the second session in a row on Tuesday, this time by around 14.8K contracts. Volume, instead, increased by around 150.5K contracts after two consecutive daily drops.
Prices of the ounce troy of gold surpassed the $1,780 level on Tuesday on the back of shrinking open interest. That said, the prospect for further upside looks somewhat curtailed in the very near term, while the 200-day SMA, today at $1,802, continues to cap the uptrend for the time being.
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