CME Group’s flash data for gold futures markets noted traders added just 465 contracts to their open interest positions on Wednesday. Volume followed suit and went up by more than 56K contracts after two consecutive daily pullbacks.

Gold: A potential test of $1930 looks likely

Wednesday’s daily drop in gold prices was accompanied by increasing open interest and volume and exposes the continuation of the downtrend in the very near term. Against that, the yellow metal could revisit the area of recent lows around $1930 per ounce troy.