CME Group’s flash data for gold futures markets noted traders added just 419 contracts to their open interest positions on Tuesday after two consecutive daily drops. Volume followed suit and increased by around 80.3K contracts and reversed two sessions in a row with gains.

Gold: A drop to $1930 in the offing?

Gold prices extended the decline on Tuesday amidst rising open interest and volume, which is indicative that further losses appear in store in the very near term. That said, the next support of note emerges at the May low at $1932 per ounce troy (May 30).