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Gold Futures: Further downside on the cards
Considering advanced prints from CME Group for gold futures markets, open interest extended its uptrend and went up by around 1.7K contracts on Wednesday. Volume, instead, resumed the decline and shrank by around 38.1K contracts following the previous daily build.
Gold: Next on the downside appears $1800
Gold prices retreated for the third session in a row on Wednesday, challenging once again the key contention area around $1900 per troy ounce. The downtick was amidst rising open interest and leaves the yellow metal vulnerable to further losses in the very near term. Against that, a convincing breakdown of the $1900 mark should not meet any noticeable support until the 2023 low of $1804 (February 28).
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