Gold Futures: Further rangebound on the cards

Pablo Piovano FXStreet

In light of flash data from CME Group for gold futures markets, traders scaled back their open interest positions for yet another session on Thursday, this time by more than 1K contracts. In the same line, volume shrank by around 27.8K contracts, resuming the downside after the previous daily build.

Gold still targets $1,800

Gold extended the negative performance for the third session in a row on Thursday amidst shrinking open interest and volume. That said, the continuation of the consolidative theme appears likely, with the lower bound around $1,760 and gains still targeting the key $1,800 mark per ounce troy.

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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