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Gold Futures: Scope for extra decline
Considering advanced figures from CME Group for gold futures markets, open interest increased by nearly 47K contracts on Tuesday after three consecutive daily pullbacks. Volume followed suit and went up by almost 2K contracts, keeping the erratic performance well in place.
Gold could revisit the 2023 low near $1820
Tuesday’s retracement in gold prices was accompanied by increasing open interest and volume and is suggestive that extra weakness lies ahead for the yellow metal. Against that, the precious metal could retest the YTD low at $1818 per ounce troy (Friday 17).
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