Gold Futures: Further consolidation not ruled out

According to flash data for gold futures markets from CME Group, open interest shrank by nearly 16K contracts after five consecutive daily builds. Volume followed suit and went down for the second straight session, no by around 33.2K contracts.

Gold now targets the 200-day SMA around $1,820

Gold charted an inconclusive session on Tuesday amidst shrinking open interest and volume. That said, price action appears poised to extend the side-lined formation in the very near term,  while occasional bullish attempts are seen facing the next target of note at the 200-day SMA at $1,820 per ounce troy.