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Chicago, IL
CME Group’s flash data concerning gold futures markets revealed that traders reduced their open interest positions by approximately 5.2K contracts at the outset of the week, marking a reversal from the previous daily increase. Simultaneously, trading volume experienced a reduction of nearly 150K contracts.
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Monday witnessed a decline in gold prices, attributed to the diminishing open interest and declining trading volume. This development has the effect of weakening the potential for a more substantial pullback in the very near term.
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Counterbalancing this, the precious metal is anticipated to encounter robust support in the vicinity of the $1900 per troy ounce mark.
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