Gold Futures: Scope for extra losses

Open interest in gold futures markets resumed the uptrend and rose by around 2.6K contracts on Monday according to advanced prints from CME Group. In the same line, volume went up for the third session in a row, this time by around 41.5K contracts.

Gold: Decent support emerges around $1850

Gold started the week on the defensive and challenged the $1850 region once again. The moderate pullback was amidst rising open interest and volume, which is indicative that further downside could be in store for the precious metal in the very near term.