Gold Futures: Near-term rebound on the cards

CME Group’s flash data for gold futures markets noted open interest shrank by around 3.9K contracts on Friday after four consecutive daily builds. In the same line, volume clinched the third drop in a row, now by around 25.5K contracts.

Gold now targets $1,850/oz

Friday’s downtick in prices of gold was on the back of shrinking open interest and volume, leaving the door open for a rebound in the short-term horizon with the immediate target at recent peaks in the $1,850 area per ounce troy (January 20).