Gold Futures: Decline overdone?

Considering preliminary readings from CME Group for gold futures markets, open interest shrank by just 483 contracts at the beginning of the week after three consecutive daily builds. Volume, instead, rose for the second straight session, now by around 5.8K contracts.

Gold appears to have met support near $1,730

Gold prices declined for the sixth session in a row on Monday. The daily pullback, however, was amidst shrinking open interest, which hints at the view that the retracement could take a breather in the very near term. So far, decent support seems to have turned up near $1,730 for the time being.