Open interest in gold futures markets shrunk by nearly 15.5K contracts on Friday according to flash data from CME Group. In the same line, volume went down for the second session in a row, this time by around 29.1K contracts.
GOLD APPEARS CAPPED BY $1,880/OZ
Friday’s price action in gold was amidst shrinking open interest and volume, hinting at the likeliness that further gains could lose momentum in the very near-term. That said, the 100-day SMA around $1,880 per ounce emerges as the next interim resistance for the time being.