Gold Futures: Further consolidation likely

Open interest in gold futures markets extended the uptrend for yet another session on Monday, this time by around 19.8K contracts according to preliminary readings from CME Group. Volume followed suit and increased by around 31.5K contracts after two consecutive daily pullbacks.

Gold: Support remains around $1900

Gold prices charted an inconclusive session at the beginning of the week amidst rising open interest and volume, leaving the door open to the continuation of the range bound in the very near term at least. In the meantime, the $1900 region per troy ounce continues to hold the downside for the time being.