Gold Futures: Still room for extra gains

Traders scaled back their open interest positions by just 506 contracts on Monday, reversing at the same time seven consecutive daily builds according to flash data from CME Group. Volume, instead, went up by around 88.2K contracts after two daily pullbacks in a row.

Gold remains capped around $1,870

Gold prices started the week on the defensive. However, the downtick was amidst shrinking open interest, which is indicative that further losses are not favoured in the very near term. That said, the upside in the precious metal remains limited by the $1,870 mark per ounce troy for the time being.