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Gold Futures: Room for some near-term rebound
Open interest in gold futures markets kept the downtrend well and sound on Tuesday, this time shrinking by around 3.3K contracts according to preliminary readings from CME Group. Volume, instead, resumed the upside and increased by nearly 10K contracts.
Gold remains supported by $1930
Gold prices traded on the defensive on Tuesday amidst declining open interest, which is suggestive that a probable rebound lies ahead in the very near term. In the meantime, the precious metal remains well supported around the $1930 region, an area coincident with the 100-day SMA.
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