Gold Futures: Rebound in the offing?

Considering advanced prints from CME Group for gold futures markets, open interest shrank for the fourth consecutive session on Thursday, this time by around 3.2K contracts. Volume followed suit and dropped for the second straight session, now by around 52.6K contracts.

Gold: Upside stays capped by $1,800

Thursday’s downtick in gold prices was amidst shrinking open interest and volume, hinting at the likelihood that further weakness is not favoured for the time being and thus a rebound could be in the pipeline in the very near term. On the upside, the next hurdle comes at the 200-day SMA, today at $1,802 per ounce troy.