Gold Futures: Neutral/Bullish near term

Open interest in gold futures markets rose for yet another session on Tuesday, this time by around 17.5K contracts considering flash data from CME Group. Volume, in the same line, went up by more than 44K contracts, reaching the second build in a row.

Gold now faces some consolidation

Tuesday’s small uptick in gold futures markets was on the back of rising open interest and volume. In light of the inconclusive price action, gold is now expected to attempt some consolidation around current levels and always with the immediate target at the 200-day SMA around the $1,825 mark per ounce troy.