Gold Futures: Extra losses on the table

Traders added around 3.2K contracts to their open interest positions on Tuesday, in light of advanced figures from CME Group. On the other hand, volume resumed the downside and shrunk by around 70.1K contracts.

Gold could slip back to $1,850/oz

Tuesday’s negative price action in gold prices was in tandem with rising open interest, opening the door to further retracements in the short-term. That said, the next support of note emerges at the monthly low at $1,850 per ounce (November 9).