Gold Futures: Extra rebound looks unlikely

Open interest in gold futures markets extended the downtrend in place since May 12, this time by around 7.2K contracts according to preliminary readings from CME Group. In the same line, volume reversed the previous build and dropped by around 50.8K contracts.

Gold remains side-lined around $1,850

Gold prices charted decent gains near $1,850 per ounce troy on Wednesday. The daily advance, however, was on the back of shrinking open interest and volume, removing strength from prospects for further upside in the very near term and thus leaving the precious metal largely side-lined.