CME Group’s flash data for gold futures markets noted traders reduced their open interest positions by more than 4K contracts on Thursday. Volume, instead, increased for the second session in a row, this time by around 6.3K contracts.
Gold: Next resistance emerges at $1950
Gold prices retreated for the third session in a row on Thursday. The downtick was amidst shrinking open interest and is indicative that a deeper pullback seem not favoured for the time being. That said, a. near-term rebound could be in the offing with the immediate target at the weekly high at $1947 per troy ounce (September 20).
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