Gold Futures: Further retracements appear contained
Open interest in gold futures markets extended the decline in place since May 16 and shrank by around 7.2K contracts on Friday according to preliminary readings from CME Group. Volume, instead, reversed two consecutive daily pullbacks and went up by more than 33K contracts.
Gold: Decent support emerges around $1930
Friday’s marked decline in gold prices was on the back of shrinking open interest, leaving the door open to some near-term rebound. In the meantime, the yellow metal is expected to meet firm contention around the $1930 level per ounce troy.