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Summary:
CME Group’s flash data for gold futures markets revealed that investors decreased their open interest positions by 898 contracts following three consecutive daily increases.
Despite the reduction in open interest, trading volume remained volatile and increased by approximately 46.6K contracts.
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Gold Price Movement:
Gold prices rebounded from lows near the crucial $1900 per troy ounce level on Thursday.
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The rebound in prices was accompanied by a decrease in open interest, suggesting that a more sustained recovery may not be favored at this time.
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The next resistance area for gold is identified at the key 200-day Simple Moving Average (SMA), currently around $1922.
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