Gold Futures: Downside looks limited

Traders diminished their open interest positions by more than 3K contracts on Friday following four consecutive builds, according to preliminary data from CME Group. Volume followed suit and went down by around 10.7K contract, reversing three builds in a row.

Gold still looks to 2020 highs

Friday’s negative price action in the ounce troy of gold was amidst shrinking open interest and volume, leaving a deeper pullback unlikely and keeping the upside bias unchanged. That said, there are still bets of a potential re-test of the yearly peaks near $1,750 per ounce.

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