Gold Futures: Further rangebound on the cards

According to preliminary readings for Gold futures markets from CME Group, traders trimmed their open interest positions by just 488 contracts on Wednesday. Volume followed suit and shrunk by around 34.1K contracts.

Gold poised for extra consolidation

Wednesday’s advance in Gold prices was amidst shrinking open interest and volume, removing upside traction from the metal and leaving the door open to the continuation of the consolidative mood, at least in the very near-term.