Gold Futures: Further recovery looks contained

CME Group’s flash data for gold futures markets noted traders scaled back their open interest positions by around 1.3K contracts on Friday. Volume, instead, went up by around 19.3K contracts after two consecutive daily pullbacks.

Gold appears supported around $1910

Friday’s rebound in gold prices came on the back of diminishing open interest and suggests that the continuation of the rebound appears unlikely for the time being. In the meantime, the yellow metal remains bolstered by the $1910 per troy ounce for the time being.