Gold Futures: Further consolidation likely

CME Group’s advanced figures for gold futures markets noted open interest shrank for the second session in a row on Monday, this time by around 1.4K contracts. In the same line, volume went down for the second consecutive session, now by nearly 12K contracts.

Gold remains supported by $1,740

Gold prices charted an inconclusive session at the beginning of the week against the backdrop of shrinking open interest and volume. That said, there is scope for the continuation of the rangebound theme in the very near term and always supported by the $1,740 region for the time being.