Gold Futures: Upside appears limited

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CME Group’s flash data for gold futures markets noted open interest dropped by just 635 contracts on Friday following five consecutive daily builds. In the same line, volume shrank by around 27.3K contracts, reversing two daily pullbacks in a row.

Gold prices regained the smile on Friday and reversed a 4-session negative streak. The move, however, was on the back of declining open interest and volume and is indicative that the rebound looks capped in the very near term. A potential visit to the YTD low at $1,680 remains well on the cards for the time being.

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