CME Group’s flash data for gold futures markets noted open interest shrank for the third session in a row on Tuesday, this time by nearly 4.6K contracts. In the same line, volume went down by around 1.9K contracts.
Gold prices extended the bounce off recent lows and retested the $1,780 area on Tuesday. The move was amidst shrinking open interest and volume, hinting at the idea that extra gains could still be in the pipeline. That said, the $1,800 mark per ounce troy remains as the key target for bulls for the time being.