Gold Futures: Room for a near-term rebound

Open interest in gold futures markets shrank for the second session during a row on Monday, this point by around 8.2K contracts considering preliminary figures from CME Group. On the opposite hand, volume extended the erratic performance and rose by around 21.2K contracts.

Gold remains supported by $1,850
Monday’s negative price action was amidst shrinking open interest, noting that further pullbacks aren’t favoured within the very near term a minimum of . That said, gold still finds decent support within the $1,850 area per ounce troy, where sits the key 200-day SMA.

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