Gold Future Analysis: Rebound Likely Near Term

On Friday, open interest in gold futures markets decreased for the second straight session. The downtrend was prolonged by roughly 8K contracts on Thursday, according to CME Group's flash data for the gold futures markets. Instead, volume increased for the third session in a row, increasing by about 61.4K contracts.

Around $1930 seems to be the initial support for gold

On Thursday, gold prices continued their weekly slide despite declining open interest, which suggests that a deeper pullback is unlikely in the very near future. The $1930 per ounce troy level is projected to support the yellow metal in the meantime.