Gold Futures: Door open for a short-term correction

Traders scaled back their open interest positions by around 8.7K contracts on Tuesday, according to advanced prints from CME Group for Gold futures markets. On the other hand, volume rose for the second session in a row, this time by nearly 14.4K contracts.

Gold could still visit the $1,700/oz mark

Prices of the ounce troy of gold eased some ground on Tuesday in tandem with declining open interest. That said, a corrective downside looks probable in the near term, although a potential move to YTD highs above the $1,700 mark per ounce should not be ruled out for the time being.