Gold Futures: downside looks unabated
Open interest in Gold futures markets rose once again on Monday, this time by nearly 9.5K contracts in light of first estimates from CME Group. In the same line, volume went up marginally by 8 contracts.
Gold looks vulnerable, could drop to 1,500/oz
The precious metal is extending the correction lower following last week’s test of levels beyond the 1,600 mark per ounce troy. Gold's negative move against the backdrop of rising open interest and volume is supportive of extra losses that could see the key 1,500 handle re-tested in the not-so-distant future.