Gold Futures: Look neutral/bearish near-term

Open interest in Gold futures markets shrunk by around 1.3K contracts at the beginning of the week after three consecutive daily builds, considering preliminary readings from CME Group. Volume followed suit and went down by nearly 50K contracts, reversing the previous build.

Gold now targets the $1,900 mark

Gold prices extended the rally on Monday, closing the session with small gains amidst an inconclusive price action. The move was amidst shrinking open interest and volume, leaving further gains not favoured in the very near-term at least. On the upside, the yellow metal still faces the next hurdle at around the $1,900 mark per ounce troy, coincident with a Fibo retracement of the January-March drop.