Gold Futures: Scope for a corrective move near term

CME Group’s flash data for gold futures markets noted traders reduced their open interest positions for yet another session on Monday, this time by around 1.2K contracts. Volume followed suit and dropped fir the second session in a row, now by nearly 50K contracts.

Gold: Upside capped around $1980

An auspicious start of the week saw gold prices adding to Friday’s advance amidst shrinking open interest and volume. That said, the continuation of the rebound appears not favoured for the time being, allowing for some corrective move instead. In the meantime, the $1980 region per troy ounce still caps occasional bullish attempts.