Gold Futures: Extra downside in store – UOB

Considering advanced prints from CME Group for gold futures markets, open interest went up for the third session in a row on Wednesday, this time by just 873 contracts. Volume, instead, shrank by almost 3K contracts amidst the broad-based erratic performance.

Gold risks a deeper pullback below $1900

Gold prices added to the weekly retracement on Wednesday. The downtick was on the back of a small build in open interest, which hints at the probability that extra losses could be in store for the commodity in the very near term. Against that, the $1900 mark per troy ounce emerges as a key contention area for the time being.