Gold Futures: Further losses are likely near-term

Open interest and volume in Gold futures markets increased by just 476 contracts and by around 19.5K contracts, respectively, on Thursday according to preliminary figures from CME Group.

Gold sees interim support near $1,740/oz

Thursday’s price action in Gold was in tandem with rising open interest and volume. That said, the ounce troy of the precious metal closed below the key $1,800 barrier on Thursday and the corrective decline could extend to the 55-day SMA, today at $1,742.