Gold Futures: Further decline lacks momentum

Traders scaled back their open interest positions in Gold futures markets by around 8.6K contracts on Tuesday, as per preliminary readings from CME Group. Volume followed suit and went down by 121.8K contracts.

Gold stays focused on the upside

The daily pullback in the ounce troy of gold on Tuesday is seen as unsustainable, as it was in tandem with declining open interest and volume. In this scenario, another bull run to recent tops at/above the $1,700 mark appears well on the table in the near-term.