Gold Futures: Appear consolidative short-term

Open interest in Gold futures markets dropped by almost 20K contracts on Friday, prolonging the inconclusive performance according to advanced readings from CME Group. Volume, instead, rose for the second session in a row, this time by around 351.6K contracts, the largest single-day build since January 8^th.

Gold could still test $1,700/oz

Prices of the ounce troy of gold are alternating gains with losses at the beginning of the week. Unclear trend in open interest leaves the scenario neutral in the short-term horizon, although the massive increase in volume favour the continuation of the uptrend. That said, the precious metal could still reach the $1,700 barrier in the next weeks.