Gold Futures: Door open to a near term rebound

CME Group’s preliminary readings for gold futures markets noted open interest shrank for the second session in a row on Tuesday, this time by around 11.2K contracts. In the same line, volume added to the choppy activity and went up by around 69.1K contracts.

Gold keeps targeting $1,800

Prices of gold started the week on a negative footing. Tuesday’s downtick, however, was on the back of shrinking open interest, which is indicative that a deeper pullback is not favoured for the time being. That said, occasional rebounds still look to retest the key $1,800 mark per ounce troy.