Gold Futures: Room for a near-term rebound

Open interest in gold futures markets dropped for the second session in a row on Tuesday, this time by around 1.6K contracts according to preliminary readings from CME Group. In the same line, volume resumed the downtrend and shrank by around 46.4K contracts.

Gold shifts the attention to $1,800

Gold prices extended the negative start of the week on Tuesday amidst diminishing open interest and volume, thus leaving the door open for a potential rebound in the very near term. That said, further recovery in the precious metals continues to target the key $1,800 mark per ounce troy.