Gold Futures: Extra weakness on the cards

CME Group’s flash data for gold futures markets noted open interest rose for the fourth consecutive session on Thursday, this time by nearly 10K contracts. In the same line, volume reversed the previous daily pullback and went up by more than 109K contracts.

Gold: Upside remains capped by $1,830

Gold prices approached the vicinity of the 200-day SMA near $1,830 on Thursday, although the metal ended the session in the negative territory. This price action was in tandem with rising open interest and volume and allows for further weakness in the very near-term.