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According to preliminary figures for Gold futures markets from CME Group, open interest rose by just 420 contracts on Wednesday, while volume went down by more than 89K contracts, reversing two builds in a row.

Gold still eyes a test of $1,700/oz

Wednesday’s correction lower in prices of the ounce troy of gold looks shallow and faces rising probability of reversion on the back of declining open interest and volume. Against this scenario, another move to the $1,700/oz mark and beyond is still on the table.