GOLD FUTURES: EXTRA DECLINE APPEARS UNLIKELY
Considering advanced prints from CME Group for gold futures markets, open interest resumed the downtrend and shrank by nearly 7K contracts on Friday. Volume, instead, went up for the second session in a row, this time by around 39.8K contracts.
Gold seems supported by the 200-day SMA
Friday’s strong pullback in gold prices was in tandem with shrinking open interest, suggesting that a sustained drop looks not favoured in the very near term. In the meantime, the key 200-day SMA around $1935 emerges as a decent contention for the time being.
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