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Gold Futures: Decline looks shallow

Pen interest in Gold futures markets shrunk for the third session in a row on Friday, this time by around 21.1K contracts, the largest single day build since February 18th as per advanced data from CME Group. Volume increased for the second straight session, now by around 220.6K contracts.

Gold looks supported by the 55-day SMA

Friday’s sharp pullback in prices of the ounce troy of gold was in tandem with shrinking open interest, hinting at the likeliness that further retracements appear somewhat limited for the time being, leaving the bullish stance unchanged. However, the large increase in volume could also warn against a sustainable recovery for the time being.

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