Gold Futures: Room for some consolidation

Open interest in gold futures markets shrank by just 52 contracts on Wednesday, reaching the second consecutive daily pullback considering flash data from CME Group. In the same line, volume maintained the choppiness unchanged an went down by nearly 15K contracts.

Gold looks to regain $1,800

Gold prices reversed Tuesday’s sharp pullback and managed to regain the 200-day SMA and above around $1,790. The move, however, was amidst shrinking open interest and volume, which opens the door to some corrective move or the start of some consolidation in the very near term.