Open interest in gold futures markets rose by nearly 2.6K contracts on Wednesday, reaching the third build in a row according to preliminary figures from CME Group. In the same line, volume went up by the second straight day, this time by around 23.2K contracts.

Gold could test $1,660/oz

Wednesday’s negative price action in the ounce troy of gold was in tandem with rising open interest and volume, opening the door for the continuation of the leg lower. That said, recent lows in the $1,660 level per ounce could be the initial magnet for gold bears.