Gold Futures: Further correction in the pipeline

Considering advanced prints from CME Group for gold futures markets, open interest shrank for the second session in a row on Tuesday, this time by around 2.3K contracts. Volume followed suit and dropped by around 9.8K contracts, also reaching the second consecutive daily pullback.

Gold: Further downside could retest $1935

Gold prices attempted a moderate rebound on Tuesday. The bullish attempt, however, was on the back of shrinking open interest and volume and leaves the precious metal vulnerable to further losses in the very near term. That said, the next contention area emerges around the $1935 region per ounce troy.