Gold Futures: A deeper pullback looks unlikely

Investors trimmed their open interest position by just 646 contracts on Thursday, reversing two consecutive builds according to advanced figures from CME Group. On the other hand, volume went up for the second straight session, now by nearly 86.3K contracts.

Gold faces some consolidation ahead of extra gains

Prices off the ounce troy of the precious metal appear to have met important resistance in the $1,750 region so far. Thursday’s negative price action was on the back of shrinking open interest, hinting at the idea that a deeper retracement in gold is not favoured in the short-term horizon.