Gold Futures: Gains appear limited

Open interest in Gold futures markets shrunk by around 9.6K contracts on Tuesday, reversing three consecutive daily builds, considering preliminary readings from CME Group. Volume, instead, went up by around 48K contracts, partially reversing the previous drop.

Gold stays capped by $1,850

The weekly advance in Gold prices remains capped by the key 200-day SMA around $1,850 per ounce troy. Tuesday’s small uptick was on the back of shrinking open interest, however, removing strength from the continuation of the uptrend, at least in the very near-term.