Gold Futures: Further correction on the cards

CME Group’s flash readings for Gold futures markets showed traders added around 4.1K contracts to their open interest positions on Wednesday, recording the third build in a row. On the other hand, volume shrunk markedly by nearly 96.3K contracts.

Gold failed ahead of $1,580/oz

The multi-session recovery in Gold lost momentum in the $1,575/80 area per ounce troy, where sits a Fibo retracement of the December-January rally. Monday’s small uptick was on the back of rising open interest and a noticeable drop in volume, leaving odds for extra gains diminished in the near-term.