Gold Futures: Further upside looks limited

Open interest in gold futures markets dropped by just 91 contracts on Wednesday, extending the downtrend for the fourth consecutive session according to preliminary readings from CME Group. Volume followed suit and shrank by around 20.7K contracts, partially trimming the previous build.

Gold appears capped by $1,800

Gold prices edged higher on Wednesday, although the move was against the backdrop of shrinking open interest and volume, leaving at the same time the upside somewhat limited near the key $1,800 mark per ounce troy for the time being.