Gold Futures: Neutral/bearish short-term

Investors trimmed their open interest positions in gold futures market by around 2.4K contracts on Thursday, resuming the downtrend and offsetting the previous small build according to advanced readings from CME Group. Volume, instead, went up for the second session in a row, this time by around 96.1K contracts.

Gold remains under pressure in YTD lows

Thursday’s negative price action in gold was amidst shrinking open interest, leaving the idea of further downside somewhat curtailed. However, another build in volume could play against this view. On the downside, there is no supports of note until the June 2020 lows in the $1,670 region per ounce troy.