Gold Futures: Extra gains look limited

Open interest in gold futures markets reversed three consecutive daily builds and shrank by around 18.8K contracts on Friday, according to preliminary readings from CME Group. On the other hand, volume rose for the second session in a row, this time by around 4.3K contracts.

Gold remains supported by $1850

Friday’s uptick in gold prices was amidst shrinking open interest, hinting at the idea that further upside appears somewhat capped, while occasional bearish moves are expected to meet contention around $1850 for the time being.