Gold Futures: Probable correction on the cards

CME Group’s flash data for Gold futures markets showed open interest shrunk by just 463 contracts on Thursday after five consecutive daily builds. On the other hand, volume extended the uptrend and rose by around 60.7K contracts.

Gold poised to challenge $1,920/oz

The ounce troy of Gold printed new yearly highs on Thursday just below the key $1,900 barrier. Diminishing open interest, albeit marginally, is hinting at the possibility of a correction lower in light of the recent strong advance. Further upside, however, is seen testing $1,900 and above, where coincide all-time highs recorded in August/September 2011.