Gold Futures: Rebound in the offing?

CME Group’s flash data for gold futures markets noted open interest shrank for the third session in a row on Tuesday, this time by more than 8K contracts. Volume, instead, increased for the second consecutive session, now by around 58.2K contracts.

Gold: Next on the upside comes $1966

Gold prices dropped to 4-week lows around $1890 on Tuesday. The move, however, was on the back of shrinking open interest, which opens the door to a probable rebound in the very near term. The occasional recovery should target recent peaks around $1966 per ounce troy (March 24).