Gold Futures: Extra downside on the table

Open interest in gold futures markets resumed the upside and rose by around 3.7K contracts on Tuesday, reversing the previous daily pullback, all considering preliminary figures from CME Group. On the other hand, volume went down by around 71.4K contracts.

Gold could retreat to $1,830

Prices of gold extended the corrective decline for the second session in a row on Tuesday. The move was amidst rising open interest, which is indicative that extra losses remain in the pipeline. That said, the former tops in the $1,830 region per ounce troy now emerge as the initial contention area in the near term.