Gold Futures: Extra range bound in store

CME Group’s flash data for gold futures markets noted traders resumed the uptrend and added around 1.6K contracts to their open interest positions on Tuesday. Volume followed suit and rose by around 15.3K contracts, reversing at the same time two consecutive daily pullbacks.

Gold: Another test of $1,640 appears likely

Gold prices charted an inconclusive session on Tuesday. The lack of direction was on the back of increasing open interest and volume, hinting at the likelihood of further side-lined trading in the very near term. In the meantime, another move to the October low at $1,640 (October 14) per ounce troy should not be ruled out.