CME Group’s flash readings for Gold futures markets showed traders added around 4.1K contracts to their open interest positions on Wednesday, recording the third build in a row. On the other hand, volume shrunk markedly by nearly 96.3K contracts.
Gold failed ahead of $1,580/oz
The multi-session recovery in Gold lost momentum in the $1,575/80 area per ounce troy, where sits a Fibo retracement of the December-January rally. Monday’s small uptick was on the back of rising open interest and a noticeable drop in volume, leaving odds for extra gains diminished in the near-term.
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