Investors trimmed their open interest positions in Gold futures markets for the second straight session on Friday, this time by around 26.1K contracts as per advanced data from CME Group. In the same line, volume shrunk for the third session in a row, now by nearly 23.5K contracts.
GOLD: RALLY MIGHT TAKE A BREATHER
Friday’s positive price action in Gold was accompanied by declining open interest and volume, all indicative that the continuation of the upside could be under pressure. That said, some consolidation/correction is expected in the short-term horizon, therefore postponing the potential visit to the psychological $2,000 mark per ounce.