Gold Futures: No changes to the consolidation theme

Open interest in gold futures markets sharbk for the fourth consecutive session so far on Tuesday, this time by just 116 contracts considering preliminary readings from CME Group. On the other hand, volume increased by almost 40K contracts after two daily builds in a row.

Gold remains supported by $1890

Tuesday’s downtick in prices of gold was amidst a small drop in open interest, hinting at the idea that a deeper retracement would not be favoured in the very near term. That said, recent lows in the $1890 region appear as quite a decent contention for the time being.