Gold Futures: A deeper pullback appears unlikely
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CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions for the second straight day on Monday, this time by around 2.5K contracts. Volume followed suit and went down for the second consecutive session, now by around 6.6K contracts.
Gold prices started the week on a negative foot amidst shrinking open interest and volume. Against that, further retracements appear not favoured for the time being, giving way instead to some near-term rebound. So far, the precious metal remains well underpinned around the $1930 region per ounce troy.
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