Gold Futures: Near-term rebound on the cards
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CME Group’s flash data for gold futures markets noted traders scaled back their open interest positions by around 6.8K contracts after three consecutive daily builds on Tuesday. Volume followed suit and dropped for the second session in a row, this time by around 95.5K contracts.
Gold prices extended the negative start of the week and retreated to the $1940 region on Tuesday. The strong downtick was on the back of shrinking open interest and volume and suggests that a potential rebound could be in the offing in the very near term. That said, the immediate target on the upside emerges at the key $2000 mark and beyond.
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