Gold Futures: Further consolidation likely

Open interest in gold futures markets shrank for the second session in a row on Thursday, this time by around 3.3K contracts considering preliminary readings from CME Group. In the same direction, volume went down by more than 31K contracts, partially reversing the previous build.

Gold stays capped by the 200-day SMA

Gold prices charted an inconclusive session and closed with marginal gains on Thursday amidst shrinking open interest and volume. Against this, further consolidation should not be ruled out in the very near term, while the key 200-day SMA just above the $1,800 mark per ounce troy continues to cap occasional bullish attempts.