Gold Futures: Further consolidation on the cards

Open interest in gold futures markets shrank by just 775 contracts on Monday, reversing the previous daily pullback according to preliminary readings from CME Group. On the other hand, volume kept the choppy activity well in place and went up by around 24.7K contracts.

Gold faces some range bound near term

Gold prices kicked off the week in a positive mood, just below the $1900 mark per troy ounce. The uptick, however, was amidst a small drop in open interest and removes some strength from further recovery in the very near term. That said, the commodity might enter a consolidative phase around current levels for the time being.