Gold Futures: A deeper pullback looks unlikely

Open interest in gold futures markets reversed two daily builds in a row and went down by around 13.2K contracts at the end of last week considering flash data from CME Group. Volume, instead, went up by around 39.2K contracts.

Gold remains capped by $1,800

Friday’s sharp pullback in gold prices was amidst decreasing open interest, which is indicative that further losses appear out of favour for the time being. In the meantime, intermittent bullish attempts are seen facing solid resistance around the $1,800 mark per ounce troy.