Gold Futures: Extra rangebound in the pipeline

According to flash data from CME Group, traders scaled back their open interest positions for the third consecutive session on Tuesday, now by around 30.5K contracts. Volume, instead, went up by around 53.2K contracts.

Gold seen sidelined below $1,600/oz

Th ounce troy of Gold continues to shed ground on the back of easing concerns on the Wuhan virus. Tuesday’s pullback in prices was amidst shrinking open interest, opening the door to some caution in the near-term. The increase in volume, however, favours the consolidative stance, at least in the near-term.