Gold Futures: Further correction likely

Open interest in gold futures markets extended the uptrend on Thursday and went up by around 1.4K contracts according to advanced figures from CME Group. In the same line, volume remained choppy and increased by nearly 287K contracts.

Gold could retest $1,880

Thursday’s extreme volatile session in gold prices was amidst rising open interest and volume, leaving the door open to a probable corrective downside to the $1,880 zone (February 24 low) in the very near term.