Gold Futures: Scope for a near-term rebound

Open interest in gold futures markets shrank for the third session in a row on Thursday, this time by around 2.2K contracts according to advanced prints from CME Group. On the other hand, volume went up by around 20.2K contracts.

Gold remains limited around $2000

Gold prices seem to have moved into a consolidative phase for the time being. That said, Thursday’s downtick was on the back of shrinking open interest, which is indicative of a probable bounce in the very near term. In the meantime, recent peaks around the $2000 mark continue to limit occasional bullish attempts.