Gold Futures: Upside looks limited

Open interest in Gold futures markets shrunk by around 3.5K contracts on Monday, resuming the downside following Friday’s uptick, according to preliminary figures from CME Group. In the same line, volume went down for the second session in a row, this time by around 96.7K contracts.

Gold still targets the $2,000 level

Prices of the ounce troy of Gold started the week on a positive fashion. The move, however, was against the backdrop of shrinking open interest and volume, leaving the upside somewhat limited in the very short-term horizon. While some correction should not be ruled out, the immediate target remains unchanged at the $2,000 mark per ounce.