OCT 12, 2022 02:33 AM ET
According to preliminary readings from the CME Group, open interest in the gold futures markets declined by about 3.1K contracts on Tuesday, reversing three consecutive daily gains. Volume, on the other hand, extended the choppy activity and increased by about 15.3K contracts.
Gold could attempt a rebound towards $1700.
Tuesday's brief test of the $1,660 region came amid a reduction in open interest, which takes strength away from a further decline and continues to support a near-term rebound. In contrast, gold prices could attempt a move towards the key $1,700 per troy ounce hurdle.