Gold Futures: Scope for further consolidation

Traders increased their open interest positions for the second session in a row on Tuesday, this time by around 3.5K contracts according to preliminary readings from CME Group. Volume, in the same line, rose by around 50.1K contracts following two consecutive daily drops.

Gold faces interim resistance around $1,992/oz

Prices of the ounce troy of gold closed Tuesday’s session with marginal losses amidst rising open interest and volume. That said, further inconclusive price action is not ruled out while initial contention emerges at monthly lows around $1,906 (September 8) and gains remain capped by the proximity of the $2,000 mark (monthly high September 1).