Gold Futures: Room for further decline

Considering advanced prints from CME Group for gold futures markets, open interest reversed two consecutive daily pullbacks and rose by nearly 22K contracts on Tuesday. Volume followed suit and extended the uptrend for the fourth straight session, this time by around 66.6K contracts.

Gold now looks to $1800

The moderate weekly decline in gold prices was on the back of rising open interest and volume on Wednesday. That said, extra retracements appear on the cards in the very near term and with the immediate target at the key $1800 mark per ounce troy.