Gold Futures: Upside looks limited near-term

Open interest in Gold futures markets reversed two consecutive daily builds and shrunk by around 17.1K contracts on Thursday according to preliminary data from CME Group. Volume, in the same line, prolonged the erratic performance and dropped by around 68.1K contracts.

Gold still looks downwards

Prices of the ounce troy of the precious metal attempted a mild recovery on Thursday. The move, however, was in tandem with diminishing open interest and volume, leaving the prospect of further gains limited in the very near-term. The next interim support for gold is seen at the 100-day SMA around $1,845 per ounce.