Gold Futures: Further retracement not favoured

According to flash figures from CME Group for gold futures markets, open interest shrank for the second session in a row on Wednesday, this time by around 3.6K contracts. In the same line, volume reversed two daily builds in a row and went down by nearly 98K contracts.

Gold looks supported around $1,780

Gold prices extended the weekly leg lower on Wednesday amidst shrinking open interest and volume, leaving the chances for the continuation of the downtrend somewhat diminished. That said, there is decent contention near $1,780, while occasional bullish attempts remain limited by the $1,830 region per ounce troy.