Gold Futures: A near-term rebound looks likely

Open interest in gold futures markets shrunk by nearly 4K contracts on Friday, reversing the previous day’s build. Volume followed suit and went down by almost 67K contracts following two consecutive daily builds.

Gold meets support near $1,800/oz

Friday’s negative price action in the precious metal was amidst diminishing open interest and volume, removing some strength from a deeper pullback in the short-term. That said, decent support in gold looks to have emerged around the $1,800 per ounce for the time being.