Open interest in gold futures markets extended the uptrend for yet another session on Tuesday, this time by around 3.4K contracts according to preliminary readings from CME Group. In the same line, volume went up by nearly 45K contracts after two consecutive daily pullbacks.

Gold: Next on the downside comes $1893

Gold prices extended the pessimism in the first half of the week amidst rising open interest and volume. Against that, the precious metal appears poised to extend the decline in the very near term and with the immediate target at the June low of $1893 per troy ounce (June 29).