Gold Futures: Further correction on the cards

Open interest in gold futures markets rose by around 15.7K contracts on Friday and partially reversed the previous pullback, according to advanced figures from CME Group. On the other hand, volume shrank for the third session in a row, this time by nearly 44K contracts.

Gold could retest $1900/oz

Friday’s downtick in gold prices was on the back of rising open interest, leaving the door open to further downside in the very near term. That said, prices of the ounce troy of gold could extend the drop to the $1900 mark, where the monthly low is located so far (March 1).