Gold Futures: Traders Trim Positions as Open Interest and Volume Dip

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.

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.

Counterbalancing this, the precious metal is anticipated to encounter robust support in the vicinity of the $1900 per troy ounce mark.