Gold Futures: Scope for extra losses
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CME Group’s flash data for gold futures markets noted open interest increased for the second session in a row on Thursday, this time by around 8.3K contracts. Volume followed suit and rose by around 105.9K contracts, the largest single day advance since July 12.
Gold prices sold off sharply and printed new cycle lows near $1,660 on Thursday. The noticeable decline was on the back of rising open interest and volume and opened the door to the continuation of the downtrend in the very near term. That said, the next target of note appears at the April 2020 low at $1,572 per ounce troy.
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