Gold Futures: Further losses likely near term

Open interest in gold futures markets rose by just 910 contracts after three consecutive daily pullbacks on Wednesday considering preliminary readings from CME Group. On the other hand, volume remained choppy, and this time shrank by around 48.4K contracts.

Gold met support around $1,720

Wednesday’s pullback in gold prices met support in the vicinity of $1,720 level. The downtick was on the back of rising open interest, which is supportive of the continuation of the downtrend in the very near term.