Gold Futures: Correction lower in the pipeline

Open interest in Gold futures markets shrunk for the fifth consecutive session on Friday, this point by around 9.2K contracts considering preliminary readings from CME Group. within the same line, volume went down for the third session during a row, now by around 48.3K contracts.

Gold still targets the $2,000 mark
The rally within the valuable remains well and sound thus far . Friday’s uptick, however, was on the rear of shrinking open interest and volume, opening the door to some corrective move within the very near-term. This view is additionally underpinned by the present overbought conditions of the metal. within the longer run, gold keeps targeting the psychological $2,000 mark per ounce.

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