Gold Futures: Further retracement looks likely

Open interest in gold futures markets rose for the third consecutive session on Wednesday, this time by almost 3K contracts in light of preliminary figures from CME Group. Volume too went up, now by nearly 182K contracts, reversing at the same time the previous drop.

Gold could recede to $1,850/oz

After testing tops around $1,960 on Wednesday, prices of Gold ended the session on the negative ground amidst rising open interest and volume. Against this, further pullbacks are now likely with the next support around $1,850 per ounce.