Gold Futures: Room for a near-term rebound

Open interest in gold futures markets dropped for the second session in a row on Friday, this time by around 18.2K contracts according to preliminary readings from CME Group. Volume, instead, rose for the fourth session in a row, this time by around 53.6K contracts.

Gold looks at another test of $1900

Gold prices accelerated the sell-off to the $1860 region last Friday. The sharp drop was amidst diminishing open interest and is supportive of a probable bounce in the short term. That said, the next targer of note now emerges at the key $1900 mark per ounce troy.