Gold Futures: Room for extra decline

Traders increased slightly their open interest positions in Gold futures markets by just 106 contracts on Tuesday following four consecutive daily pullbacks according to preliminary readings from CME Group. Volume, instead, extended the erratic performance and shrunk by around 69.5K contracts.

Gold challenges 2021 lows near $1,670

The price of the ounce troy of Gold extended the leg lower on Tuesday amidst rising open interest. The current downtrend is therefore expected to gather extra pace in the very near-term, with the next target at the YTD low at $1,676 recorded on March 8.