Gold Futures: Further upside looks limited

Pablo Piovano FXStreet

CME Group’s advanced figures for gold futures markets noted open interest extended the downtrend for yet another session on Monday, this time by around 6.1K contracts. In the same line, volume shrank for the second session in a row, now by around 71.8K contracts.

Gold faces the next hurdle at $1,800

Gold prices managed to rebound from the $1,760 region. The move, however, was on the back of shrinking open interest and volume, leaving the upside somewhat contained. That said, the yellow metal still faces a key resistance at the $1,800 mark per ounce troy for the time being.

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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