Gold Futures: Pullbacks look shallow

Open interest in gold futures markets went down by around 5.8K contracts on Wednesday following two consecutive daily pullbacks according to preliminary figures from CME Group. Volume, instead prolonged the choppy activity and rose by around 39.8K contracts.

Gold still targets the $1,920 level and above

Wednesday’s negative performance in prices of the precious metal was accompanied by rising open interest, supporting the idea that occasional pullbacks appear shallow for the time being. That said, Gold prices continue to target the Fibo level at $1,920 in the near-term.