Gold Futures: Further retracements in the pipeline

CME Group’s flash data for gold futures markets noted traders increased their open interest positions for the second session in a row on Tuesday, this time by around 6.1K contracts. Volume followed suit and rose by around 36.3K contracts.

Gold: Immediately to the downside comes $1900

Tuesday’s corrective decline in gold prices was in tandem with increasing open interest and volume, which suggests that the continuation of the decline looks favoured in the very near term. Against that, the next contention area is expected around the $1900 mark per troy ounce.