Door open to extra decline

Considering preliminary figures for gold futures markets from CME Group, open interest rose for the second session in a row on Thursday, this time by around 10.6K contracts. In the same direction, volume extended the uptrend and went up by nearly 80K contracts to nearly 282K contracts, the largest level since November 26.

Next on the downside comes $1,753

Prices of the yellow metal accelerated their losses on Thursday. The leg lower came amidst increasing open interest and volume, which should be supportive of the continuation of the downtrend in gold, at least in the very near term. That said, the next target of note comes at December’s low at $1,753 per ounce troy (December 15).

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