Gold Futures: Downside seen shallow

Open interest in gold futures markets receded for the third consecutive session on Tuesday, this time by around 4.2K contracts according to preliminary figures from CME Group. On the other hand, volume rose sharply by nearly 207K contracts.

Gold: Support emerges at $1,680 area

The correction lower in prices of the ounce troy of gold was on the back of shrinking open interest and a sharp increase in volume, leaving the outlook mixed in the very near term and with initial support around the $1,680 level per ounce.