CME Group’s flash data for gold futures markets noted traders scaled back their open interest positions by just 285 contracts on Wednesday, reversing two daily builds in a row. Volume followed suit and shrank by around 35.7K contracts after two consecutive daily upticks.

Gold: A move to $2070 remains on the cards

Gold charted an inconclusive session on Wednesday amidst shrinking open interest and volume and exposes the resurgence of some range bound theme in the very near term. The underlying bullish tone, however, appears unchanged and the precious metal continues to target the 2022 high at $2070 per ounce troy (March 8).