Open interest in gold futures markets reversed two straight drops and rose by around 1.7K contracts on Wednesday according to preliminary data from CME Group. On the other hand, volume shrunk for the second session in a row, this time by nearly 59K contracts.

GOLD POISED FOR EXTRA RANGEBOUND

Gold prices appears to have embarked on a consolidative phase following Monday’s sharp sell-off amidst rising open interest. That said, support has emerged around the $1,850 per ounce while the topside looks capped around $1,960 level.