Gold Futures: Deeper pullbacks not likely

Open interest in gold futures markets shrunk for the fourth consecutive session on Wednesday, this time by nearly 6K contracts according to preliminary figures from CME Group. Volume, in the same line, extended the erratic performance and receded by around 169.5K contracts.

Gold remains supported around $1,680/oz

Prices of the ounce troy of the precious metal briefly pierced the $1,700 mark on Wednesday, although they managed to close slightly in the red and just above it afterwards. Shrinking open interest and volume therefore keep occasional bearish attempts in gold somewhat contained and with strong support in the $1,680 level per ounce.