Gold Futures: Further downside on the cards

Open interest in gold futures markets rose for the fourth consecutive session on Thursday, this time by around 10.3K contracts considering advanced figures from CME Group. In the same line, volume remained choppy and went up markedly by around 102.5K contracts.

Gold stays supported around $1,800

Gold prices reversed the spike to fresh 2-week highs past $1,840 and ended the session on the defensive on Thursday. The volatile session was on the back of rising open interest and volume, which is supportive of further correction in the very near term. The critical $1,800 mark remains a solid contention area for the time being.