Gold Futures: Upside looks limited

Open interest in gold futures markets dropped by around 9.6K contracts on Thursday according to preliminary readings from CME Group. Volume, instead, went up for the second session in a row, this time by around 87.4K contracts.

Gold looks supported around $1,680

Thursday’s moderate rebound in prices of the ounce troy of gold was on the back of increasing open interest, leaving the prospects for further upside somewhat diminished. On the upside, there is a strong support around the $1,680 region, where also converges the 2021 low.