Gold Futures: Scope for further pullbacks

Traders scaled back their open interest positions in Gold futures markets by almost 4K contracts on Wednesday, according to preliminary figures from CME Group. Volume, in the same time, increased for the third session in a row, this time by around 87.5K contracts.

Gold could drop below $1,880/oz

Prices of the ounce troy of Gold receded markedly on Wednesday and closed near the $1,920 level. The negative performance was accompanied by rising volume and opening interest, opening the door to a potential move to monthly lows in the sub-$1,880 area per ounce.