Gold Futures: Extra losses on the cards

Traders increased their open interest positions in Gold futures markets for the third consecutive session by around 1.2K contracts on Friday, in light of preliminary readings from CME Group. On the opposite direction, volume prolonged the erratic performance and dropped by around 23.7K contracts.

Gold could re-test the $1,660/oz region

Prices of the ounce troy of gold grinded lower on Friday after hitting weekly lows in the $1,740 region. The correction lower was on the back of rising open interest, which opens the door for the continuation of the downtrend to, potentially, last week’s low in the $1660 region per ounce in the short-term horizon.