Gold Futures: Room for extra losses

Open interest in Gold futures markets rose for the third session in a row on Monday, this time by around 6.2K contracts according to preliminary figures from CME Group. In the same line, volume resumed the uptrend and increased sharply by nearly 201.8K contracts.

Gold could recede to $1,800/oz

The leg lower in gold prices extended for another session at the beginning of the week against the backdrop of rising open interest and volume. That said, extra declines are now on the cards with the immediate target at the 200-day SMA in the key $1,800 neighbourhood per ounce.