Gold Futures: Room for further decline

CME Group’s flash data for gold futures markets noted open interest rose for the third session in a row on Monday, this time by around 1.8K contracts. Volume, instead, resumed the downtrend and dropped by round 1.6K contracts following the previous day build.

Gold could revisit the 2022 low near $1,615

Gold prices retreated once again at the beginning of the week amidst rising open interest, which could be supportive for a deeper retracement in the very near term. Against that, there is still the chance for bullion to revisit the 2022 low near the $1,615 level per ounce troy (September 28).