Gold Futures: Further correction on the cards

Open interest in Gold Futures markets rose for the second session in a row on Tuesday, this time by more than 1K contracts according to preliminary readings from CME Group. Volume, in the same line, reversed two drops in a row and went up by around 43K contracts.

Gold stays capped by $1,920/oz

Prices of the ounce troy of gold receded to multi-day lows amidst rising open interest and volume on Tuesday. That said, the door looks open to extra decline in the very near-term, while the Fibo level around the $1,920 zone keeps capping the upside for the time being.