Gold Futures: Scope for further correction

CME Group’s flash data for gold futures markets noted open interest rose for the third session in a row on Wednesday, this time by more than 3K contracts. Volume, instead, partially reversed the previous build and shrank by around 67.4K contracts.

Gold: Next on the upside comes $1,730

Prices of the ounce troy of gold charted new highs on Wednesday before ending the session in the negative territory. The downtick was on the back of rising open interest and could allow for further correction in the very near term. The continuation of the upside, in the meantime, continues to target the $1,730 region, or October high.