Gold Futures: Further correction on the cards

CME Group’s flash data for gold futures markets note open interest rose for the second session in a row on Friday, this time by just 756 contracts. Volume followed suit and went up by around 18.8K contracts after three daily drops in a row.

Gold remains capped by $1,730

Friday’s negative price action in gold prices was on the back of increasing open interest and volume, allowing for the continuation of the downtrend in the very near term. In the meantime, the yellow metal risks extra weakness while below recent peaks in the $1,730 region.