On Tuesday, open interest in gold futures markets increased by roughly 7.3K contracts, based on preliminary CME Group data. The volume also increased by roughly 83.6K contracts.
On Tuesday, gold prices hit new multi-week lows. The move coincided with increased open interest and volume, allowing for more pullbacks in the near term, with an interim goal around the $1,730 range around the Fibo level of the March-June surge.

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