Gold Futures: Further upside not favoured

CME Group’s flash data for gold futures markets noted traders reduced their open interest positions for the third consecutive session on Monday, this time by around 2.3K contracts. Volume, instead, added to the previous daily build and went up by around 103.3K contracts.

Gold: Next on tap comes the 2023 high

Gold prices extended its march north above the $2000 mark at the beginning of the week. The move, however, was accompanied by shrinking open interest, which should remove strength from the rally in the precious metal in the very near term. In the meantime, the immediate target for bulls emerges at the 2023 high near the $2070 level per troy ounce (May 4).