Gold Futures: Scope for further recovery

Open interest in gold futures markets rose by around 2.4K contracts on Thursday, partially reversing the previous pullback, all in light of preliminary figures from CME Group. In the same line, volume went up by around 127.7K contracts.

Gold: Near-term outlook remains fragile

Thursday’s strong pullback in gold prices briefly tested the $1,750 region, just to bounce a tad afterwards. The move was against the backdrop of rising open interest and volume, opening the door to the continuation of the recovery in the very near term. That said, the key $1,800 mark per ounce troy remains the magnet for bulls for the time being.