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CME Group’s flash data for gold futures markets noted open interest reversed two consecutive daily builds and dropped by just 664 contracts on the last day of 2020. In the same direction, volume shrunk for the third straight session, this time by 739 contracts.

Gold now targets $1,965/oz

Prices of the precious metal extended the upside momentum on December 31st, although further gains face some headwinds in the very near-term on the back of shrinking open interest and volume. In the longer run, gold appears to have re-shifted its attention to the November’s peak at $1,965 per ounce.