Gold Futures: Further downside on the cards

Open interest in Gold futures markets rose by around 4.5K contracts at the end of last week following 4 consecutive daily pullbacks, according to advanced figures from CME Group. On the other hand, volume shrunk by around 56.8K contracts, reversing three builds in a row.

Gold faces the next support near $1,745

Gold prices edged lower on Friday amidst rising open interest, allowing for further retracement in the very near-term. That said, the next contention emerges around the $1,750 area, where also coincides the 50-day SMA.