Gold Futures: Further consolidation looks likely

Open interest in gold futures markets rose for the first time after eight consecutive daily pullbacks on Wednesday, this time by just 599 contracts in light of preliminary data from CME Group. In the same line, volume reverses two daily drops and went up by around 34.3K contracts.

Gold faces extra rangebound around $1,800

Gold prices charted an inconclusive session on Wednesday amidst rising open interest and volume, exposing the continuation of the consolidative mood at least in the very near-term. The resumption of the upside faces the next target of note around $1,850 per ounce, where coincide recent tops and the 200-day SMA.