Gold Futures: Extra upside lacks conviction

Open interest in gold futures markets shrank by nearly 4K contracts for the first time since February 28 on Thursday according to preliminary readings from CME Group. Volume, instead, kept the choppy performance well in place and went up by around 28.4K contracts.

Gold: Solid support remains near $1800

Thursday’s marked uptick in gold prices came on the back of shrinking open interest, which warns against the continuation of the rebound in the very near term. In the meantime, the precious metal remains well supported around the key $1800 region per ounce troy, where also converge the so far 2023 low and the 100-day SMA.