Gold Futures: Extra downside seen limited

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Open interest in Gold futures markets shrunk for the second session in a row on Wednesday, this time by around 9.4K contracts according to preliminary readings from CME Group. Volume, in the same line, increased by around 168.9K after two consecutive daily builds.

Gold remains supported around $1,800/oz

The leg lower in prices of gold met solid contention in the $1,800 region per ounce so far. Thursday’s downtick was on the back on shrinking open interest and volume, hinting at the idea that a deeper pullback is not favoured at least in the near-term.

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