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Gold Futures: Bearish/Neutral near term

Following three pullbacks in a row, traders added almost 3.2K contracts to their open interest positions on Friday, according to preliminary prints from CME Group. On the other hand, volume dropped by nearly 108K contracts, reversing the previous build.

Gold stays capped around $1,650/oz

The ounce troy of the precious metal receded ground at the end of last week amidst rising open interest, all opening the door for the continuation of the move, at least in the very near term. On the other hand, the upside in gold remains limited around the $1,650 per ounce.

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