CME Group’s flash data for gold futures markets noted open interest rose for the third session in a row on Tuesday, this time by around 2.6K contracts. Volume followed suit and went up by around 40.7K contracts after two consecutive daily drops.
Gold: On its way to $1,800?
Gold prices extended the downside on Tuesday against the backdrop of rising open interest and volume, indicative that extra losses remain on the cards for the precious metal in the very near term. That said, the key $1,800 mark per ounce troy now emerges as the next magnet for bears ahead of the 2022 low at $1,780 (January 28).