Gold Futures: Look consolidative/bearish near term

Open interest in gold futures markets rose for the fifth session in a row on Wednesday, this time by around 2.3K contracts considering preliminary readings from CME Group. On the other hand, volume remained choppy and shrank by around 16.6K contracts.

Gold stays capped near $1,800

Wednesday’s inconclusive session in gold prices was amidst rising open interest and now opens the door to some consolidative phase in the near term. However, further downside cannot be ruled out following another failure to surpass the $1,800 mark per ounce troy in past sessions.