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Gold Futures: Extra gains appear limited

July 29, 2021 by admin 0 Comments

Traders trimmed their open interest positions for the second session in a row on Wednesday, this time by around 5.3K contracts considering preliminary figures from CME Group. Volume, instead, reversed two consecutive daily pullbacks and went up by around 175.1K contracts.

Gold now flirts with the 200-day SMA

Gold prices extended the rebound past the $1,800 mark per ounce troy on Wednesday. The uptick, however, was on the back of shrinking open interest, although the increase in volume was noticeable. That said, the 200-day SMA in the $1,820 area emerges as the initial target ahead of the monthly peaks near $1,835 (July 15).