Gold Futures: Further downside loses traction

Open interest in gold futures markets shrank for yet another session on Thursday, this time by just 218 contracts considering flash data from CME Group. Volume, instead, went up for the second session in a row, now by around 159.5K contracts.

Gold looks supported near $1,760

Gold prices extended the sharp selloff on Thursday well below the $1,800 mark per ounce troy. The deep pullback was on the back of shrinking open interest, however, hinting at the idea that extra losses could me losing momentum. On the downside, the $1,760 area emerges as a decent contention for the time being.