Gold Futures: Downside looks limited near term
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According to preliminary readings from CME Group for gold futures markets, open interest dropped by nearly 3K contracts on Thursday after four consecutive daily builds. In the same line, volume shrank for the second session in a row, this time by around 4.6K contracts.
Gold prices retreated sharply on Thursday on the back of shrinking open interest and volume, which is supportive that a deeper pullback appears out of favour in the very near term. The resumption of the upside momentum is expected to retarget recent highs at $1865 per ounce troy.
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