Gold Futures: Further weakness in store

Open interest in gold futures markets rose for the second session in a row on Wednesday, this time by just 155 contracts according to advanced prints from CME Group. Volume followed suit and went up for the second straight session, now by around 26.3K contracts.

Gold: A drop to $1,615 is shaping up

Wednesday’s marked pullback in gold prices was against the backdrop increasing open interest and volume, leaving the yellow metal vulnerable to further downside in the very near term. That said, gold could confront the 2022 low at $1,615 sooner rather than later.