Gold Futures: Upside looks unconvincing

Open interest and volume in gold futures markets shrunk for the second session in a row on Thursday, this time by almost 2.7K contracts and by nearly 2K contracts, respectively.

Gold: Correction in the offing?

Prices of the ounce troy of gold extend the recovery in the second half of the week and flirt with the $1,900 level already. However, Thursday’s positive price action was sustained by short covering – as seen by diminishing open interests and volume – hinting at the idea that a correction lower could be shaping up in the very near-term.