CME Group’s flash data on gold futures markets has revealed a consistent reduction in open interest positions for the fourth consecutive session, with a decrease of nearly 2,000 contracts observed on Wednesday. Additionally, trading volume has followed suit, with a decline of nearly 48,000 contracts recorded after experiencing two consecutive days of gains.
Gold Faces Resistance at the 200-Day SMA
Gold prices have undergone a decline for the third consecutive session as of Wednesday. This downward movement is accompanied by diminishing open interest and trading volume, indicating that a more significant pullback may not be imminent in the very short term.
One notable factor in the current gold price landscape is the presence of the 200-day Simple Moving Average (SMA) around the $1,917 mark. This moving average level has emerged as a notable point of contention for gold prices, serving as a potential support level in the ongoing market dynamics.
