Gold Futures: Further consolidation in the pipeline

Open interest in gold futures markets increased by around 5.3K contracts on Tuesday, considering flash data from CME Group. Volume followed suit and went up by nearly 58K contracts, partially reversing Monday’s sharp drop.

Gold looks side-lined above $1,800

Tuesday’s inconclusive price action in gold was amidst rising open interest and volume, opening the door to the continuation of the consolidative mood, at least in the very near term. In the meantime, the upside in the precious metal remains capped by the $1,830 region, where coincide July and August peaks.