Considering preliminary readings from CME Group for Gold futures markets, open interest reversed three daily pullbacks in a row and went up by nearly 1.5K contracts on Thursday. Volume, instead, shrunk for the second consecutive session, now by around 102.8K contracts.
Prices of gold charted an inconclusive session on Thursday following the correction lower from peaks above the $1,900 mark (Wednesday). The move was amidst rising open interest, which leaves the door open for the continuation of the consolidative/bearish theme in the very near-term at least. In addition, the yellow metal remains in the overbought territory (as per the daily RSI), which reinforces the likeliness of a deeper retracement. On the upside, the precious metal still targets the psychological $2,000 mark per ounce troy.
