Gold Futures: Extra losses not favoured near-term

Open interest in gold futures markets shrunk for the fourth consecutive session on Wednesday, this time by around 3.1K contracts according to preliminary readings from CME Group. Volume, in the same line, reversed two daily builds and went down by around 97.5K contracts.

Gold meets support near $1,770/oz

The sharp downside in gold prices appears to have met decent support in the vicinity of $1,770 on Wednesday. The move was on the back of diminishing open interest and volume, hinting at the idea that further decline seems unlikely for the time being.