Gold Futures: Further pullbacks look unlikely

CME Group’s advanced figures for gold futures markets noted open interest rose by just 775 contracts on Thursday after two consecutive daily builds. Volume, instead, went up by around 31.7K contracts, reversing at the same time two daily drops in a row.

Gold still targets $1,877

Gold prices extended the erratic performance and closed with losses amidst shrinking open interest on Thursday. Against that, the continuation of the decline appears not favoured in the very near term, while the immediate target on the upside emerges at the so far monthly top at $1,877 per ounce troy (November 16).