Gold Futures: Uptrend remains well and sound

Open interest in gold futures markets increased for the third session in a row on Monday, this time by around 19.5K contracts according to preliminary readings from CME Group. In the same line, volume went up by the second consecutive session, now by around 203.1K contracts.

Gold remains capped by $2000

Monday’s strong uptick in gold prices was amidst increasing open interest and volume, leaving the door open to the continuation of the uptrend in the very near term. Despite the current overbought condition of the commodity could spark a corrective move, the underlying bullish bias in precious metal remains well in place for the time being.