Gold Futures: Upside seen short-lived

Traders scaled back both their open interest positions and volume by around 2.7K contracts and by nearly 107K contracts, respectively, on Friday.

Gold expected to remain capped by $1,600/oz

Friday’s moderate advance in the price of the ounce troy of Gold was in tandem with shrinking open interest and volume, hinting at the idea that the rebound could lack strength. That said, the key barrier at the $1,600 mark per ounce is still acting as a solid hurdle for the time being.