Gold Futures: Further range bound on the cards
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CME Group’s flash data for gold futures markets noted traders increased their open interest positions by around 1.2K contracts on Wednesday, extending the uptrend in place since February 28. Volume, instead, maintained the choppy performance well and sound and shrank by around 21.8K contracts.
Wednesday’s inconclusive price action in gold came amidst rising open interest and this suggests that extra consolidation remain likely in the very near term. Against that, a probable drop to the 2023 low near the $1800 mark per ounce troy should not be discarded for now.
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