Gold Futures: Door open for extra downside

Open interest in gold futures markets reversed the downtrend in place since May 21 and rose by just 154 contracts on Friday, according to preliminary readings from CME Group. In the same direction, volume went up by around 82.2K contracts.

Gold faces interim support at $1,644/oz

Prices of the ounce troy of gold could extend the leg lower to the $1,644 level following Friday’s negative price action amidst rising open interest and volume. This initial area of contention coincides with the 100-day SMA.