GOLD FUTURES: FURTHER DECLINE LOOKS NOT FAVOURED
Considering advanced prints from CME Group for gold futures markets, open interest shrank for the second session in a row on Wednesday, this time by around 3.3K contracts. Volume followed suit and went down by around 37.3K contracts amidst the prevailing erratic performance.
Gold: Next on the downside comes the 200-day SMA
Gold prices extended its decline and revisited the key $1950 region on Wednesday. The daily pullback was accompanied by diminishing open interest and volume and warns against the continuation of the ongoing multi-session decline. Further retracements, in the meantime, are expected to meet the next contention around the $1930 area, where the key 200-day SMA sits.
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