Preliminary readings from CME Group indicate that open interest in gold futures markets saw a modest increase of 691 contracts on Wednesday, following six consecutive daily pullbacks. In line with this trend, trading volume also registered an uptick for the second consecutive session, rising by nearly 1.5K contracts.
Gold’s price experienced a downtick on Wednesday, coinciding with the rise in open interest and volume. This development suggests the possibility of further decline in the near term for the precious metal. The next notable support level lies at $1900 per troy ounce, followed by the June low of $1893, recorded on June 29th.
Investors and traders are closely monitoring the gold market, considering the recent developments in open interest and volume as potential indicators of future price movements. As the market continues to react to economic data and global events, the outlook for gold remains subject to fluctuations and uncertainties.
