Gold Futures: Downside looks limited

Open interest in Gold futures markets shrunk by nearly 1.5K contracts on Friday, reversing at the same time four consecutive daily builds. In the same line, volume extended the choppy activity and went down by around 70.2K contracts.

Gold looks consolidative below $2,000/oz

Prices of the ounce troy of the precious metal remain within a rangebund theme below the $2,000 mark. Friday’s negative price action was on the back of diminishing open interest and volume, leaving the downside limited and favouring the continuation of the current consolidation in gold prices.