CME Group’s flash data for gold futures markets showed open interest increase for the second session in a row on Wednesday, this time by around 4.7K contracts. Volume, instead, reversed four daily builds in a row and shrank by around 52.8K contracts.

Gold looks supported by the 200-day SMA

Gold prices partially reversed the recent sell-off on Wednesday after revisiting once again the $1830 region, where the 200-day SMA sits. The daily rebound came amidst rising open interest, which is supportive of further upside in the very near term. Immediately on the upside emerges the 100-day SMA at $1883 ahead of the May high at $1909 (May 5).