Gold Futures: Room for a corrective move

CME Group’s flash data for gold futures markets noted traders scaled back their open interest positions on Tuesday, this time by more than 1.1K contracts, reaching the third consecutive daily pullback. Volume, instead, reversed four daily pullbacks in a row and went up by nearly 17K contracts.

Gold remained side-lined around $1,850

Tuesday’s uptick in gold prices was accompanied by shrinking open interest, leaving the near-term price action tilted to the downside. In the meantime, the ounce troy of the precious metal continues to navigate around the $1,840/50 zone for the time being.