Gold Futures: Further downside on the cards

Traders increased their open interest positions for the second session in a row on Tuesday, this time by around 3.7K contracts in light of preliminary readings from CME Group. In the same line, volume went up markedly by nearly 346.5K contracts.

Gold now looks to $1,825/oz

Gold prices receded sharply on Tuesday amidst rising open interest and volume, opening the door to the continuation of the leg lower. That said, the Fibo level (of the June-August) at $1,825 per ounce emerges as the next target of relevance.