Gold Futures: Extra rangebound on the cards

Open interest in Gold futures markets shrunk by more than 3K contracts on Wednesday, according to preliminary readings from CME Group. In the same line, volume went down by around 33K contracts, partially reversing the previous build.

Gold stays capped by $1,760

Gold prices keep the consolidation theme well and sound for the time being. Wednesday’s downtick was amidst shrinking open interest and volume, leaving the probability of further upside somewhat contained. That said, the next hurdle of note still emerges at the $1,760 mark per ounce troy.