According to preliminary readings from CME Group for gold futures markets, open interest shrank by nearly 8K contracts on Friday, partially reversing the previous daily build. Volume, instead, rose for the 4^th consecutive session, this time by around 25.4K contracts.

Gold now looks to retake $1,700

Friday’s acute rebound in gold prices was accompanied by shrinking open interest, which hints at the likelihood that a potential corrective move lies ahead in the very near term. In case the yellow metal resumes the upside, the immediate hurdle should emerge at the $1,700 mark per ounce troy.