Gold Futures: Further consolidation likely
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Open interest in gold futures markets dropped for the second session in a row on Friday, this time by around 21.3K contracts, the largest single-day drop since March 10. Volume followed suit and shrank by around 32.8K contracts, adding to the previous daily drop.
Friday’s inconclusive price action in gold was on the back of shrinking open interest and volume, exposing further side-lined trading in the very near term. Extra gains, in the meantime, should initially target the weekly high at $1,688 per ounce troy (September 21).
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