Gold Futures: Further consolidation in the pipeline

CME Group’s flash data for gold futures markets noted open interest shrank for the second session in a row on Monday, this time by around 15K contracts. Volume followed suit and dropped by around 2.2K contracts, reaching the third consecutive daily pullback.

Gold remains capped by around $1,835

Gold charted an inconclusive session at the beginning of the week. The price action was accompanied by diminishing open interest and volume, leaving the idea of further consolidation well on the cards in the very near term. That said, the $1,830 mark per ounce troy continues to cap occasional bullish attempts for the time being.