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Gold Futures: Further upside could be losing momentum
Considering preliminary readings from CME Group for gold futures markets, open interest shrank for the second session in a row on Tuesday, now by around 3.2K contracts. Volume, instead, rose for the second consecutive day, this time by nearly 5K contracts.
Gold stays supported by the 200-day SMA
Gold prices edged higher on Tuesday amidst shrinking open interest, which is indicative that extra gains appear out of favour in the very near term. Against that, prices of the ounce troy of the precious metal remain supported by the $1,800 region, where also coincides the 200-day SMA.
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