Gold Futures: Scope for a deeper retracement

CME Group’s flash data for gold futures markets noted traders extended the uptrend in open interest by just 399 contracts on Wednesday. In the same line, volume went up by nearly 49.1K contracts after two consecutive daily pullbacks.

Gold looks supported near $1,700

Gold prices accelerated its downside on Wednesday amidst rising open interest and volume, suggesting that the current bearish trend appears unchanged for the time being. Against that, the $1,700 region still offers decent contention.