Gold Futures: Further downside on the cards

CME Groups preliminary figures for Gold futures markets noted open interest rose by around 4.8K contracts on Wednesday, partially reversing the previous drop. In the same line, volume increased for the second session in a row, this time by around 12.8K contracts.

Gold prices briefly tested the vicinity of $1,850 on Wednesday, just to close the session with moderate losses. The marked pullback was amidst rising open interest and volume, leaving the door open to further declines in the very near-term. In the meantime, the 200-day SMA around $1,850 per ounce troy continues to cap the upside for the time being.

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