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Gold Futures: Scope for further downside
CME Group’s flash data for gold futures markets noted open interest rose for the third session in a row on Thursday, this time by around 6.2K contracts. In the same line, volume partially reversed the previous drop and went up by around 23.5K contracts.
Gold now looks to $1800
Thursday’s marked drop in gold prices was on the back of increasing open interest and volume, indicative that extra decline remains on the cards in the very near term. That said, the next support of note comes at the critical $1800 mark per ounce troy.
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