Gold Futures: Upside appears limited

Open interest in gold futures markets noted investors trimmed their open interest for the fifth consecutive sessions on Thursday, this time by nearly 1.3K contracts according to flash data from CME Group. Volume followed suit and shrunk for the second day in a row, now by around 104K contracts.

Gold looks supported around $1,700/oz

Thursday’s uptick in prices of the ounce troy of gold was in tandem with diminishing open interest and volume, leaving extra gains somewhat limited and with further chances of another test of the $1,700 neighbourhood.