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 during 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 amid shrinking open interest, indicative that a deeper retracement appears limited within the very near-term. That said, the alpha-beta brass keeps targeting the psychological $2,000 mark per ounce troy for the nonce .

 

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