Gold Futures: Probable rebound near term

CME Group’s flash data for gold futures markets noted traders reduced their open interest positions for the third session in a row on Thursday, this time by around 13.2K contracts. Volume, instead, went up for the second consecutive session, now by around 77.5K contracts.

Gold appears supported around $1940

Thursday’s strong pullback in gold prices was accompanied by declining open interest, which leaves the door open to a near-term rebound. In the meantime, the yellow metal is seen decently supported around the $1940 region per troy ounce for the time being.