On Thursday, open interest in gold futures markets fell for the first time since July 2, by about 3.5K contracts, according to preliminary CME Group data. Similarly, volume fell for the second session in a row, this time by about 76.3K contracts.
Despite finishing the day with minor gains, gold prices had an ambiguous session on Thursday. The advance was accompanied by a drop in open interest and volume, indicating that a reversal could be on the way in the near future. Meanwhile, the March-June rally’s Fibo level of $1,860 per ounce troy has emerged as the yellow metal’s next notable objective./n
