Gold Futures: Short-term rebound in store?

Open interest in gold futures markets noted traders added more than 1K contracts to their open interest positions on Tuesday according to preliminary readings from CME Group. Volume, instead, reversed three consecutive daily builds and shrank by nearly 80K contracts.

Gold faces an interim hurdle around $1930

Tuesday’s uptick in prices of the yellow metal came in tandem with rising open interest, indicative of a potential continuation of the rebound in the very near term. Against that, gold could attempt a move to the temporary barrier at the 55-day SMA at $1930 per ounce troy.