Gold Futures: Further downside looks likely

CME Group’s flash data for gold futures markets noted open interest rose for the fourth consecutive session on Friday, this time by. Nearly 6K contracts. In the same line, volume reversed the previous drop and went up by around 84.8K contracts.

Gold poised for extra rangebound

Prices of gold ticked lower at the end of last week amidst increasing open interest and volume, leaving the door open for further retracement in the very near term. The continuation of the current side-line theme looks likely with further gains expected above the 200-day SMA, today at $1,822 per ounce troy.