Gold Futures: Further rangebound on the cards

Open interest and volume in gold futures prices shrunk by around 4.6K contracts and by around 24.6K, respectively, on Wednesday according to flash data from CME Group.

Gold points to extra consolidation

Prices of the ounce troy of gold edged higher amidst diminishing open interest and volume on Wednesday, supporting the view that extra gains look somewhat unsustainable in the very near-term. That said, the 100-day SMA near $1,860 and the 55-day SMA around $1,940 continue to hold the price action for the time being.