Gold Futures: Further rangebound in the pipeline

Open interest in Gold futures markets reversed the previous day’s pullback and rose by around 5.1K contracts on Tuesday according to preliminary figures from CME Group. On the other hand, volume extended the choppy activity and shrunk by around 15.7K contracts.

Gold still seen within $1,670-$1,745

Tuesday’s inconclusive price action in the ounce troy of gold was midst the persistent erratic performance in both open interest and volume, leaving the scenario for further consolidation somewhat unchanged, at least in the short-term horizon.