Gold Futures: A sustained pullback seems out of favour

Considering advanced prints from CME Group for gold futures markets, open interest shrank by just 866 contracts after three consecutive daily builds on Wednesday. Volume followed suit and went down by around 66.3K contracts, partially leaving behind the previous drop.

Gold appears supported around $1920

Gold prices briefly revisited the $1920 region, or multi-week lows, on Wednesday. The downtick was amidst shrinking open interest and volume and stands against the continuation of the downtrend for the time being. In the meantime, the precious metal remains contained around the $1920 zone per troy ounce.