Gold Futures: further signs of consolidation

According to CME Group’s estimates, open interest in Gold futures markets increased fir yet another session on Tuesday, now by around 23.K contracts. On the other hand, volume resumed the downside and dropped by nearly 9.7K contracts.

Gold met support near $1,530

Gold appears to have met some decent contention near $1,530 per ounce troy on Tuesday. This area of support is reinforced by the proximity of a Fibo retracement of the December rally around $1,532. The uptick in open interest allows for the continuation of the recovery, although declining volume could point to some rangebound in the near-term at least.