Gold Futures: Upside seems limited

Open interest in gold futures markets shrunk for the second session in a row on Tuesday, this time by almost 3.7K contracts in light of preliminary readings from CME Group. In the same line, volume went down for the second straight session, now by around 39.2K contracts.

Gold regained the $1,800 mark

Tuesday’s uptick in gold prices was accompanied by shrinking open interest and volume, hinting at the view that extra gains appear somewhat contained in the very near-term. That said, another visit to Tuesday’s multi-month lows near $1,775 peer ounce should not be ruled out.