Gold Futures: Looks neutral/bearish near term

Open interest in gold futures markets rose for the third session in a row on Friday, this time by nearly 7K contracts according to advanced figures from CME Group. Volume, instead, resumed the downtrend and shrank by around 114.2K contracts.

Gold faces extra gains on a close above $1,900

Gold prices charted an inconclusive session on Friday amidst rising open interest, which should be supportive of some consolidation in the very near term. The drop in volume, in addition, could spark some corrective downside at the same time. The yellow metal is expected to extend the rally above $1,900 per ounce troy.