Gold Futures: Extra consolidation on the table

Open interest in gold futures markets reversed five daily drops in a row and shrank by around 5.3K contracts on Monday, according to preliminary readings from CME Group. Volume followed suit and added to Friday’s retracement, this time by around 54.5K contracts.

Gold appears capped by $1,800

Gold prices started the week in an inconclusive fashion amidst shrinking open interest and volume. Against that, the absence of a clear direction looks likely for the time being, while further upside in the yellow metal is expected to remain limited by the key $1,800 region per ounce troy.