Gold Futures: Could attempt some consolidation near-term

According to advanced prints from CME Group for Gold futures markets, open interest rose for the fourth session in a row on Wednesday, this time by nearly 8.1K contracts. On the opposite direction, volume extended the erratic performance and shrunk by around 118.3K contracts.

Gold faces strong resistance above $1,600/oz

Prices of the ounce troy of Gold edged higher on Wednesday on the back of rising open interest, which should be indicative that further gains are in the pipeline. However, the moderate drop in volume could remove some strength of the potential upside and trigger, instead, some consolidation around current levels. The solid momentum of the greenback is also expected to undermine extra rallies in the precious metal.