Gold Futures: Further consolidation on the cards

Open interest in gold futures markets shrank by almost 5K contracts at the beginning of the week, reaching the third consecutive daily pullback according to flash data from CME Group. In the same line, volume added to the previous daily drop and went down by around 25.3K contracts.

Gold: Upside remains capped by the $1960 region

Gold prices started the week on a positive mood, although the daily gains were amidst shrinking open interest and volume. In light of the ongoing price action, the yellow metal is expected to keep navigating within the current side-lined theme and with the upside so far limited by the $1960 area per ounce troy.