Gold Futures: Pullbacks look contained

Open interest in gold futures markets shrunk by around 4.5K contracts on Tuesday, reaching the sixth consecutive daily drop considering preliminary figures from CME Group. Volume, instead, went up by around 92.5K contracts after three daily pullbacks in a row.

Gold still looks to $2,000

Gold started the month on the negative footing after recording fresh tops beyond the $1,900 yardstick. The downtick was accompanied by shrinking open interest, indicative that a deeper retracement appears limited in the very near-term. That said, the yellow metal keeps targeting the psychological $2,000 mark per ounce troy for the time being.