Gold Futures: Probable corrective downside

Open interest in gold futures markets resumed the uptrend and rose by around 4.3K contracts on Monday, according to preliminary readings from CME Group. On the other hand, volume shrank for the fourth consecutive session, now by nearly 3K contracts.

Gold remains capped by $2000

Gold prices briefly tested the boundaries of the key $2000 mark on Monday, retreating afterwards and ending the session with modest gains. The move was on the back of rising open interest, which opens the door to a corrective move in the very near term. In the meantime, the $2000 zone remains the key target for the precious metal for the time being.