Gold Futures: Room for a near-term rebound

CME Group’s flash data for gold futures markets noted traders extended the downtrend for yet another session on Thursday, this time by nearly 8K contracts. Volume, instead, went up for the third straight session, now by around 61.4K contracts.

Gold appears initially supported around $1930

Gold prices extended the weekly decline on Thursday amidst shrinking open interest, which is indicative that a deeper retracement looks out of favour in the very near term. In the meantime, the yellow metal is expected to remain bolstered by the $1930 region per ounce troy.