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Gold Futures: Rebound could take a breather
CME Group’s flash data for gold futures markets noted open interest extended the decline for yet another session on Wednesday, this time by around 1.3K contracts. Volume, instead, remained choppy and went up by around 32.3K contracts.
Gold faces solid resistance around $1,750
Gold prices advanced markedly on Wednesday and briefly revisited the $1,750 region. The daily uptick was on the back of shrinking open interest, however, and hinted at the possibility of a near term correction in the current rebound. On the downside, the weekly low at $1,727 (November 23) should offer initial contention for the time being.
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