Gold Futures: Further weakness appears unlikely
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CME Group’s flash data for gold futures markets noted traders reduced their open interest positions for the third session in a row on Wednesday, this time by more than 4K contracts. Volume followed suit and dropped for the third straight day, now by around 69.6K contracts.
Gold prices resumed the decline on Wednesday amidst shrinking open interest and volume, which hints at the likelihood that a deeper decline is not favoured in the very near term. In the meantime, weekly lows around $1935 (March 21,22) emerge as decent contention for the time being.
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