Gold Futures: No changes to the consolidation scheme

CME Group’s flash data for gold futures markets noted open interest rose for the third session in a row on Thursday, this time by nearly 2K contracts. Volume, instead, shrank by around 26.7K contracts after two daily builds in a row.

Gold remains capped by $1960

Thursday’s decent advance in gold prices was on the back of rising open interest, allowing for further gains in the veery near term. However, the moderate drop in volume could remove strength from that view. That said, further range bound in the precious metal remains well and sound for the time being, with the upper end limited around the $1960 per ounce troy.