Gold Futures: More Losses are Possible

According to early CME Group data, open interest in gold futures markets maintained its upward trend on Thursday, increasing by more than 1000 contracts. Volume, on the other hand, fell for the second session in a row, this time by more than 15K contracts.

Gold has an intermediate support level of $1900

Gold prices continued their weekly decline on Thursday, despite increased open interest, suggesting that additional losses are in store for the yellow metal in the short term. However, there is moderate support around the round level of $1900 per troy ounce, while a steeper slide is likely to encounter the next significant issue at the 200-day SMA near $1850.