Open interest in gold futures markets extended the choppy activity and rose by around 1.2K contracts on Wednesday, according to preliminary figures from CME Group. Volume, instead, increased by around 19.1K contracts after two consecutive daily drops.
Gold could still drop to the $1,670 area
Gold prices recorded fresh 2021 lows in the vicinity of the $1,700 mark per ounce troy on Wednesday. The downtick was amidst shrinking open interest, which allows for a potential rebound in the very near-term. The next target of note on the downside stays at the June 2020 lows in the $1,670 zone.
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