Gold Futures: Extra gains appear limited

CME Group’s preliminary readings for gold futures markets noted traders trimmed their open interest positions by nearly 7K contracts on Tuesday, the fifth consecutive daily pullback. Volume followed suit and also extended the downtrend, this time by around 14.7K contracts.

Gold looks to support $1,800

Tuesday’s uptick in prices of gold came amidst shrinking open interest and volume, which is indicative that extra losses look not favoured at least in the very near term. That said, the $1,800 still emerges as the key magnet for bulls for the time being.