Gold Futures: Further consolidation on the cards

CME Group’s flash data for gold futures markets noted open interest extended the erratic performance and shrank by around 1.5K contracts on Wednesday. In the same line, volume remained choppy and went down by nearly 27K contracts.

Gold still targets the $1,830 region

Wednesday’s inconclusive price action in gold was amidst shrinking open interest and volume. Against the current backdrop, extra rangebound should remain on the cards in the very near term. On the upside, the yellow metal stays focused on the $1,830 zone.