Gold Futures: Look neutral/bearish near-term

Open interest resumed the downtrend on Thursday and dropped by around 3.2K contracts in light of preliminary readings from CME Group. In the same line, volume retreated for the second session in a row, now by around 83.3K contracts.

Gold faces some potential consolidation

Thursday’s inconclusive price action in gold was amidst shrinking open interest and volume, hinting at the likelihood of some consolidation in the very near-term. In the meantime, the next target on the upside remains at the $1,900 per ounce for the time being.