Gold Futures: decline appears shallow
According to first readings of Gold futures markets from CME Group, investors scaled back their open interest positions by around 5.5K contracts on Thursday. Volume followed suit and decreased for the third session in a row, this time by around 62.6K contracts.
Gold: solid support lies around $1,550/oz
Thursday’s negative performance of Gold was amidst lower open interest and volume, hinting at the likeliness that extra retracements look unlikely in the near-term. That said, solid contention has so far emerged in the $1,550 area for the time being.