Open interest in gold futures markets reversed three builds in a row and went down by more than 1K contracts on Thursday, according to flash data from CME Group. In the same direction, volume shrunk by around 181.8K contracts, almost fully reversing the previous uptick.
Gold faces support near $1,900/oz
Gold prices grinded lower on Thursday amidst shrinking open interest and volume, hinting at the idea that the continuation of the downtrend appears somewhat contained. That said, the $1,900 area offers initial support, reinforced by the proximity of the 100-day SMA at $1,893 per ounce.
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