Gold Futures: Extra decline appears not favoured
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Open interest in gold futures markets resumed the downtrend and shrank by nearly 20K contracts on Friday according to preliminary readings from CME Group. Volume followed suit and dropped for the fifth session in a row, this time by around 16.8K contracts.
Friday’s pullback in gold prices was on the back of shrinking open interest and volume and hints at the idea that a deeper retracement seems unlikely in the very near term. On the downside, the precious metal is expected to meet decent contention around $1935 region per ounce troy for the time being.
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