Gold Futures: Further weakness on the cards

Investors increased their open interest positions in Gold futures markets by around 1.9K contracts on Thursday, reversing at the same time two daily pullbacks in a row, all according to preliminary readings from CME Group. In the same line, volume rose sharply by around 125.5K contracts.

Gold could re-test the $1,860 region

The ounce troy of the yellow metal closed in the negative territory on Thursday amidst rising open interest and volume. Against this, a potential deeper pullback is likely in the very near-term, with the initial target at the monthly lows in the vicinity of $1,860 per ounce (August 12).