Gold price is falling and Open Interest (OI) surged to 784M

Gold (XAU/USD) price was trading at $4,260 and has slipped below the key moving averages on a daily timeframe. Gold price is continuously falling and aggregated Open Interest is rising which suggests that fresh selling positions are being made. OI has increased by 25% to 784M and the gold price has dropped by 2.47% in the past 30 hours. This could be a bearish signal and the XAU/USD price could remain bearish ahead. As we can see, OI is rising while price is falling slowly but aggressive fall is still awaited. Once the OI starts increasing, XAU/USD price would rise sharply because sellers would buy back to exit the trade.