Gold Futures: Further downside on the cards

According to preliminary readings from CME Group for gold futures markets, open interest rose by just 130 contracts on Wednesday, partially resuming the previous important drop. In the same line, volume went up by around 109.4K contracts, reversing two consecutive daily pullbacks.

Gold approaches $1,800/oz

Gold prices remained weak on Wednesday and chances for extra downside have now increased on the back of rising open interest and volume. That said, the next support of note emerges at the 2021 lows near the $1,800 mark per ounce (January 18).