Gold Futures: Downtrend has further legs to go

Open interest in gold futures markets went up for the second session in a row on Monday, this time by around 17.8K contracts according to advanced prints from CME Group. Volume, instead, resumed the downside and shrank by around 1.2K contracts.

Gold: Next on the downside comes $1,700

Gold started the week on the defensive amidst rising open interest, which is supportive of extra decline in the very near term. The breach of the September 2021 low around $1,720 exposes a potential retracement to the $1,700 region.