Gold Futures: Reluctant to correct lower

Traders scaled back their open interest positions by just 826 contracts on Tuesday following three consecutive builds, according to preliminary figures from CME Group for Gold futures markets. On the other hand, volume prolonged the erratic activity and rose by nearly 49.5K contracts.

Gold remains capped by the $1,575/oz area

Prices of the ounce troy of Gold inched lower on Tuesday amidst declining open interest. That said, while extra downside appears somewhat unlikely, the uptick in volume suggests the opposite, all rendering into a probable extension of the side-lined theme in the short-term horizon at least.