Gold Futures Analysis: A Further Decline is Undesirable

According to early data from CME Group, open interest in gold futures markets decreased by about 14.2K contracts on Tuesday. Instead, volume reversed two daily pullbacks in a row and increased by over 52.3K contracts.

Gold: $1970 is the next price to decline.
Due to declining open interest, Tuesday's significant reversal in gold prices indicates that more decrease is unlikely at this time. The next significant support for the commodity is anticipated to be at roughly $1970, which coincides with lows reached in the second part of April and the fictitious 55-day SMA.

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