Gold Futures: A sustainable rebound seems unlikely
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Open interest in gold futures markets shrank by nearly 1.5K contracts on Tuesday, reversing the previous daily build at the same time according to preliminary readings from CME Group. Volume, instead, went up by around 18.3K contracts after three daily drops in a row.
Gold prices extended the positive mood on Tuesday and briefly revisited the area above the key $2000 mark per ounce troy. The uptick, however, was on the back of shrinking open interest and leaves the prospect for further gains somewhat curtailed. That said, the continuation of the consolidative mood seems the most likely scenario for bullion for the time being.
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