Gold Futures: A deeper decline is on the cards

CME Group’s flash data for gold futures markets noted traders added around 4.3K contracts to their open interest positions on Tuesday, reversing two consecutive daily pullbacks. Volume followed suit and rose by the fourth session in a row, this time by around 70.1K contracts.

Gold: Next on the downside comes $1,753

The sharp pullback in gold prices recorded on Tuesday was amidst rising open interest and volume and opens the door to further retracements in the very near term. Against that, the next support of note emerges at the December 2021 low at $1,753 per ounce troy (December 15).