Gold Futures: Probable consolidation ahead

CME Group’s preliminary data for Gold futures markets showed open interest rose by around 4.5K contracts on Tuesday. Volume, instead, reversed the previous build and shrunk by nearly 133K contracts, the largest single day drop since March 4^th.

Gold remains supported near $1,450/oz

Tuesday’s inconclusive price action around the ounce troy of gold was amidst rising open interest and declining volume. All in all, further consolidation looks the most likely scenario in the very near-term, while decent contention still holds around the $1,450/oz area.