Gold Futures: Extra upside loses traction

Traders scaled back their open interest positions for the third session in a row on Thursday, this time by nearly 15K contracts according to preliminary figures from CME Group. On the other hand, volume resumed the upside and rose by more than 15K contracts following Wednesday’s pullback.

Gold met resistance near $1,650/oz

Prices of the ounce troy of gold appear to have met an interim hurdle in the $1,650 region so far. Thursday’s uptick was on the back of declining open interest, opening the door for some near-term correction.