Open interest in gold futures markets extended the uptrend on Tuesday, this time by around 1.6K contracts according to advanced prints from CME Group. Volume, instead, dropped for the second session in a row, now by around 22.5K contracts.

Gold keeps targeting $1,711 ahead of $1,700

Gold prices dropped further on Tuesday amidst rising open interest, which is indicative that the downtrend still has legs to go. Against that, there is an initial support at $1,711 (weekly low July 27) ahead of the key round level at $1,700.