Gold Futures: Upside shows signs of exhaustion

CME Group’s flash data for gold futures markets noted open interest rose for the second session in a row on Tuesday, this time by around 15.6K contracts. Volume, instead, resumed the downtrend and shrank by more than 71K contracts.

Gold remains supported by the $1,800 area

Tuesday’s continuation of the recovery in gold was amidst increasing open interest, which is supportive of further gains in the very near term. However, shrinking volume might warn against this move, which in turn stays underpinned by the key $1,800 region, where the 200-day SMA also coincides.

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