Gold Futures: Further correction on the cards

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Considering advanced figures from CME Group for gold futures markets, open interest rose for the fifth consecutive session on Monday, this time by more than 5K contracts. Volume, instead, kept the choppiness well and sound and dropped by nearly 22K contracts.

Gold prices started the week on the back foot and closed below the $1850 mark on Monday. The move was on the back of increasing open interest, which is indicative that further weakness could be waiting for the precious metal in the very near term. Against that, a potential drop and visit to the key $1800 area per ounce troy should remain in store for the time being.

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