Gold Futures: Further losses look favoured

According to advanced figures from CME Group for gold futures markets, open interest rose by just 794 on Wednesday, partially reversing the previous daily drop. In the same line, volume reversed two daily pullbacks in a row and went up by around 113.2K contracts.

Gold appears supported around $1,760

Wednesday’s pullback in prices of gold seems to have met some decent contention in the $1,760 region. The downtick was amidst rising open interest and volume and leaves the door open to further decline in the very near term. The loss of $1,760 could well see the weekly low around $1,750 per ounce troy re-visited in the near term.