Gold Futures: Look neutral/bearish near term

Open interest in gold futures markets shrank by around 1.1K contracts on Friday, partially reversing the previous build according to flash data from CME Group. In the same line, volume partially offset the previous daily build and dropped by around 74.2K contracts.

Gold: Further decline on the cards

Friday’s inconclusive price action in gold was amidst shrinking open interest and volume, hinting at the idea that some consolidation could emerge in the very near term, although it does persist the probability of extra pullbacks. Occasional bullish attempts in the yellow metal keeps targeting the key $1,800 mark per ounce troy.