Gold Futures: Scope for further downside

Open interest in gold futures markets rose for the fifth consecutive session on Monday, this time by around 3.3K contracts considering flash data from CME Group. Volume, instead, shrank by around 38.3K contracts, extending the choppy activity.

Gold: Next support lines up at $1,760

Gold prices started the week on the negative footing. The downtick was amidst increasing open interest, hinting at the idea that extra pullbacks remain on the cards in the very near term. That said, there is an interim support at the Fibo level around the $1,760 mark per ounce troy.