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In light of preliminary data for gold futures markets from CME Group, open interest and volume retreated by nearly 6.1K contracts and by 32.7K contracts, respectively, on Friday.

Gold still capped around $1,650/oz

Friday’s advance in the ounce troy of gold was amidst shrinking open interest and volume, showing that the move was mainly sponsored by short covering. That said, some correction lower appears on the cards while the upside remains capped by the $1,650 area for the time being.