Gold Futures: Rebound in the offing?

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CME Group’s flash data for gold futures markets noted traders trimmed their open interest positions for the second session in a row on Wednesday, this time by more than 3K contracts. Volume followed suit and dropped for the third straight session, now by around 61.6K contracts.

Gold prices charted the third consecutive daily pullback on Wednesday. The leg lower was amidst shrinking open interest and volume and leaves the door open to a potential near-term rebound with the immediate target at recent peaks near $1930 per ounce troy.

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