Gold Futures: Pullbacks look contained

Traders scaled back their open interest positions in Gold futures markets by almost 2.8K contracts on Thursday in light of advanced data from CME Group. On the other hand, volume rose for the fourth consecutive session, this time by around 22.8K contracts.

Gold could recede to $1,760/oz

Following fresh 9-year highs beyond the $1,800 mark, Thursday’s negative price action was amidst diminishing open interest, which supports the idea that extra pullbacks should be shallow. That said, the corrective downside in Gold could extend to the July lows around $1,760 per ounce.