Gold Futures: Further losses in the pipeline

According to preliminary readings from CME Group for gold futures markets, open interest remained choppy and went up by around 1.1K contracts on Monday. Volume followed suit and rose by around 6.3K contracts.

Gold under pressure below the 200-day SMA

Prices of the ounce troy of gold started the week on the defensive amidst rising open interest and volume, which is suggestive that further decline is favoured in the very near term. That said, the yellow metal is expected to face further weakness while below the key 200-day SMA, today at $1,844.