Gold Futures: A deeper pullback seems unlikely

Considering advanced prints from CME Group for Gold Futures markets, open interest remained choppy and shrank by around 5.5K contracts on Friday. Volume followed suit and dropped for the second session in a row, this time by almost 13K contracts.

Gold: Next support comes around $1950

Friday’s downtick in gold prices was accompanied by shrinking open interest, hinting at the view that the continuation of the corrective decline appears limited. Further weakness is expected to meet the next contention around the $1950 region per ounce troy.