Gold Futures: Downtrend looks unabated

Open interest in gold futures markets increased for the second session in a row on Thursday, this time by around 4.6K contracts according to preliminary readings from CME Group. In the same line, volume went up by nearly 63K contracts., also recording the second build in a row.

Gold: Door open to a drop to $1,780

Gold prices extended the corrective downside for yet another session on Thursday and threatens to break below the key contention area around $1,800. The move was on the back of rising open interest, which is supportive of extra losses in the very near term and with the potential target at the 2022 low at $1,780 per ounce troy.