CME Group’s flash data for gold futures markets noted traders added around 2.3K contracts to their open interest positions after four consecutive daily pullbacks on Wednesday. Volume, instead, remained choppy and went down by around 3.5K contracts, partially trimming the previous daily build.
Gold: Next on the downside emerges $1900
Gold prices dropped to new four-week lows near $1915 on Wednesday. The downtick was on the back of rising open interest, which suggests the likelihood of further decline in the very near term. That said, the $1900 region per troy ounce emerges as the next contention area for the yellow metal.
Source: https://www.fxstreet.com/news/gold-futures-room-for-further-weakness-202308100634