Gold Futures: Further consolidation likely

Open interest in gold futures markets extended the downtrend for yet another session on Monday, this time by just 83 contracts according to preliminary readings from CME Group. Volume, instead, rose for the second session in a row, now by around 7.6K contracts.

Gold: Upside appears capped by $1950

Monday’s uptick in gold prices was amidst a small decrease in open interest and the continuation of the uptrend in volume. Against this, the precious metal remains poised for further consolidation in the very near term at least, with the immediate up barrier around $1950 mark per ounce troy.