Gold Futures: Probable deeper correction near term

Open interest in gold futures markets rose for the fourth consecutive session on Thursday, this time by around 9.2K contracts according to preliminary figures from CME Group. Volume, instead, clinched the second daily pullback in a row, now by around 91.3K contracts.

Gold now targets $1,877

Gold recorded new tops near the $1,850 level per ounce troy on Thursday before ending the session marginally lower. The small downtick was amidst rising open interest, which could signal further downside in the very near term. Looking at the broader picture, the precious metal keeps targeting the November high at $1,877 (November 16).