Gold Futures: Scope for extra retracement

Open interest in gold futures markets rose for the third session in a row on Friday, this time by around 1.5K contracts according to preliminary readings from CME Group. Volume followed suit and went up by around 17.3K contracts, extending the erratic performance for yet another session.

Gold: Next support comes at $1,711

Prices of the ounce troy of gold extended the leg lower for yet another session on Friday. The move was against the backdrop of rising open interest and volume and opens the door to a probable drop to the weekly low at $1,711 (July 27).