Gold Futures: Further pullbacks not ruled out

Open interest in Gold futures markets rose by round 1.8K contracts at the end of last week, clinching the second build in a row in light of preliminary readings from CME Group. On the other hand, volume extended the choppy performance and shrunk by around 72K contracts.

Gold stays immersed into a consolidative theme

Friday’s negative price action in Gold was on the back of rising open interest, opening the door for the continuation of the downtrend in the short-term. In the meantime, prices of the ounce troy of the yellow metal keep the broad consolidative range unchanged between the 55-day and the 100-day SMAs.