Gold Futures: Door open to further decline

Open interest in gold futures markets remained choppy and went up by around 1.7K contracts on Wednesday according to advanced prints from CME Group. Volume, instead, resumed the downtrend and shrank by around 71.2K contracts.

Gold risks a break below $1,680

Gold prices extended the weekly leg lower on Wednesday amidst increasing open interest, opening the door at the same time to the continuation of the downtrend and another visit to the 2022 low at $1,680 per ounce troy (July 21).