Gold Futures: Further correction likely

Open interest in gold futures markets rose by just 382 contracts on Tuesday, extending the uptrend for the ninth consecutive session considering preliminary readings from CME Group. Volume, instead, shrank by nearly 45K contracts, partially reversing the previous build.

Gold: Upside still limited around $1,800

The recent recovery in gold prices appears to have met a decent resistance around the key $1,800 mark per ounce troy for the time being. Tuesday’s downtick was accompanied by rising open interest, indicative that further correction remains in the pipeline in the very near term.