Gold Futures: Further consolidation on the cards

CME Group’s flash data for gold futures markets noted traders scaled back their open interest positions by around 3.7K contracts on Thursday, resuming the downside following Wednesday’s small uptick. Volume followed suit and reversed two daily builds in a row and went down by nearly 30K contracts.

Gold faces the next support around $1900

Gold prices charted an irresolute session on Thursday amidst shrinking open interest and volume. That said, the near-term price action now appears unclear, while extra decline expected to meet the next contention area at the $1900 zone per troy ounce.