Gold Futures: Rebound appears unconvincing

Open interest in gold futures markets reversed two consecutive daily builds and shrank by around 5.1K contracts on Friday according to advanced prints from CME Group. Volume followed suit and dropped by around 55.8K contracts.

Gold could revisit the $1,650 region

Friday’s bullish attempt in gold prices was on the back of shrinking open interest and volume, leaving the door open to the resumption of the downtrend in the very near term. That said, the next target of note emerges at the recent 2022 lows near the $1,650 mark per ounce troy.