Gold Futures: Still scope for some correction

Traders scaled back their open interest positions for the second session in a row on Wednesday, this time by more than 1K contracts in light of advanced figures from CME Group. Volume, too, went down by nearly 18.4K contracts.

Gold: Upside limited around $1,750/oz

Prices of the ounce troy of the precious metal rose on Wednesday, although against the backdrop of shrinking open interest and volume, all opening the door to a potential correction in the short-term horizon. On the latter, the next support of relevance emerges at the $1,660 per ounce of gold.