Gold Futures: gains not in one's favor

According to CME Group's flash statistics for gold futures markets, traders reduced their open interest holdings by around 10.5K contracts on Tuesday, reversing the prior daily rise. Volume fell by roughly 2K contracts as a result.

Gold: The upside looks to be limited by $1990

The rise in gold prices on Tuesday was followed by a decline in open interest and volume, removing support from any bullish attempts in the near term. Meanwhile, the July high of about $1987 per troy ounce (July 20) remains a temporary ceiling on the upswing.