Traders increased their open interest positions by around 1.2K contracts on Friday, reversing three consecutive daily pullbacks according to preliminary figures from CME Group. On the other hand, volume extended the recent choppiness and shrunk by around 70K contracts.
Gold could re-test $1,750/oz
Prices of the ounce troy of the precious metal edged higher on Friday amidst rising open interest, which should be supportive of further upside in the short-term horizon. That said, gold could extend the recovery further and re-visit the YTD highs around $1,750 per ounce.