Gold Futures: Look neutral near-term

Traders scaled back their open interest positions by almost 3.5K contracts on Wednesday, recording the second consecutive drop. In the same direction, volume reversed to builds in a row and shrunk by nearly 171.8K contracts.

Gold remains sidelined for the time being

Price action in the ounce troy of Gold is extending the consolidative mood so far this week amidst the unclear trend in both open interest and volume, as investors appear to be waiting for a stronger catalyst to turn up in the markets.