Gold Futures: Further correction not favoured

Open interest in gold futures markets reversed three daily builds in a row and shrank by around 11.7K contracts on Thursday according to preliminary readings from CME Group. Volume, instead, increased for the third consecutive session, this time by around 64.8K contracts.

Gold keeps targeting $1,830

Thursday’s downtick in prices of the yellow metal came in tandem with shrinking open interest, which hints at the idea that a deeper correction is not favoured for the time being. That said, gold is expected to resume the upside always targeting recent peaks in the $1,830 region per ounce troy.