Gold Futures: Scope for extra losses

Open interest in gold futures markets rose by around 1.6K contracts on Tuesday according to preliminary figures from CME Group. On the other hand, volume extended the choppiness and went down by around 114.3K contracts.

Gold could recede to the $1,860 region

Gold prices extended the downside on Tuesday amidst rising open interest, leaving the door open for the continuation of the ongoing move at least in the short-term horizon. That said, August’s low at $1,863 now emerges as the next potential target.