Gold Futures: Downside appears contained

Open interest in Gold futures markets decreased for the second session in a row on Friday, this time by around 3.2K contracts according to flash data from CME Group. In the same line, volume shrunk by around 48.6K contracts following four daily builds in a row.

Gold navigates between $1,880/$1,920

Friday’s inconclusive price action in gold was amidst shrinking open interest and volume, leaving both the downside and the topside somewhat limited by the 100-day and the 55-day SMAs at $1,882 and $1,920, respectively, for the time being.