Gold Futures: Rebound in the offing?
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CME Group’s flash data for gold futures markets noted traders scaled back their open interest positions for the second session in a row on Monday, this time by around 2.7K contracts. Volume followed suit and shrank by around 21.2k contracts, reversing at the same time four consecutive daily builds.
Gold prices started the week on the back foot amidst shrinking open interest and volume. That said, a sustained pullback looks out of favour for the time being and occasional bouts of strength should keep targeting the 2023 peak near $2050 per ounce troy (April 13).
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