Gold Futures: Room for further recovery

Considering advanced figures from CME Group for gold futures markets, open interest dropped for yet another session on Thursday, this time by around 2.3K contracts. Volume, instead, reversed the recent weakness and increased by nearly 50K contracts.

Gold keeps gyrating around $1,800

Thursday’s small downtick in prices of gold was in tandem with shrinking open interest, ruling out a deeper pullback at least in the very near term. That said, the precious metal could now extend the consolidation around the $1,800 mark per ounce troy, while decent support emerges in the $1,780 zone so far.