Gold Futures: Some consolidation could emerge near term

Open interest in gold futures markets rose for the fourth consecutive session on Wednesday, this time by around 4.1K contracts according to preliminary readings from CME Group. Volume followed suit and went up by around 77.2K contracts, resuming he upside after Wednesday’s pullback.

Gold appears consolidative below $2000

Wednesday’s inconclusive price action in gold was accompanied by rising open interest and volume and is supportive of the resurgence of some consolidative range in the very near term. in the meantime, the $2000 mark per ounce troy remains the big magnet for bulls for the time being.