Gold Futures: Further gains not favoured

Open interest in Gold futures markets rose for the second session during a row on Tuesday, this point by around 10.4K contracts, the most important single day drop since May 11 as per flash data from CME Group. Volume, instead, went up by around 260.8K contracts, the most important build since January 8.

Gold now looks to $2,000
Gold prices extended the rally and briefly tested the key $1,900 mark on Tuesday for the primary time since early January. Tuesday’s gains were on the rear of shrinking open interest, however, opening the door to some correction within the very near-term. the present overbought conditions also support this view. On the upside, subsequent key hurdle comes in at the $2,000 mark per ounce troy.

 

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