Gold Futures: Room for extra decline

Considering flash data from CME Group for gold futures market, open interest went up for the second session in a row on Tuesday, this time by around 1.7K contracts. Volume followed suit and rose by around 30.1K contracts after two daily pullbacks in a row.

Gold faces contention near $1,850

Tuesday’s downtick in gold prices was on the back of rising open interest and volume, indicative that further losses remain on the cards. Against this, there is a solid support in the vicinity of $1,850 per ounce troy, the so far monthly lows (June 4).