Gold Futures: Extra losses in the pipeline

In light of preliminary readings for Gold futures markets from CME Group, open interest reversed the previous drop and increased by almost 4.5K contracts on Monday. On the other hand, volume shrunk for the second day in a row by more than 31K contracts.

Gold could slip back to the $1,660/oz region

Prices of the ounce troy of gold could recede further amidst rising open interest following Monday’s daily pullback. That said, the correction lower carries the potential to extend to last week’s lows in the $1,660 area per ounce.