Gold Futures: A deeper pullback looks unlikely

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 nearly 5K contracts. Volume, instead, reversed three consecutive daily drops and increased by around 45.8K contracts.

Gold still looks capped by $1,800

Prices of the ounce troy of gold advanced to the vicinity of the key $1,800 mark on Tuesday, just to recede afterwards and end the session with moderate losses. The downtick was on the back of shrinking open interest, suggesting that extra losses appear out of favour for the time being.