Gold Futures: Potential for further retracement

CME Group’s preliminary figures for Gold futures markets noted open in interest shrunk by nearly 7K contracts on Friday, extending the choppy activity seen as of late. On the other hand, volume rose for the second session in a row, this time by around 24.7K contracts.

Gold remains capped by $1,760

Friday’s drop and rebound from lows near $1,730 was amidst shrinking open interest, leaving the likeliness of extra recovery in Gold somewhat diminished. That said, further pullbacks are not ruled out, while occasional bullish attempts remain limited by the $1,760 per ounce troy.