Gold Futures: Upside looks limited

CME Group’s preliminary figures for gold futures markets noted open interest extended the downtrend for yet another session on Friday, this time by nearly 3K contracts. Volume, instead, reversed two daily pullbacks in a row and went up by around 28.7K contracts.

Gold looks to regain $1,800

Gold prices recorded new 2021 lows in the $1,760 region on Friday, just to rebound and close the day with decent gains afterwards. The move, however, was on the back of diminishing open interest, leaving the rebound somewhat limited in the short-term horizon. That said, the next target of note aligns at the key $1,800 mark per ounce.