Gold Futures: Extra consolidation on the cards

CME Group’s flash data for gold futures markets noted open interest shrank by just 852 contracts on Wednesday after three consecutive daily builds. In the same line, volume resumed the downside and went down by around 28.1K contracts.

Gold: Gains remain capped by $1,880

Gold prices kept the familiar range and charted decent gains on Wednesday, always around the $1,840 region. The move was amidst diminishing open interest and volume, opening the door to some correction in the very near term and the continuation of the current consolidative mood at the same time.