Gold Futures: Neutral/bullish very near-term

Open interest in gold futures markets reversed two daily pullbacks in a row and increased by nearly 3K contracts on Thursday, in light of preliminary figures from CME Group. Volume, instead, partially reversed the previous build and shrunk by around 59.3K contracts.

Gold still looks supported near $1,800

Thursday’s inconclusive price action in gold prices was against the backdrop of rising open interest, opening the door to the continuation of some consolidation or even bouts of strength in the very near-term. In the meantime, the $1,800 mark per ounce remains a solid support for the time being.