Gold Futures: Room for further downside

Open interest in gold futures markets rose for the second session in a row on Thursday, although this time by just 481 contracts according to CME Group’s flash data. Volume, instead, remained choppy and shrank by around 14.1K contracts, partially reversing the previous daily build.

Gold: Next support comes at $1,711

Gold prices extended the bearish move on Thursday amidst a small uptick in open interest. That said, further decline still appears on the cards with the next target emerging at the weekly low at $1,711 per ounce troy (July 27).