Gold Futures: Rebound looks likely near term

Open interest in gold futures markets resumed the downtrend and shrank by around 12.1K contracts on Monday, considering advanced figures from CME Group. Volume followed suit and dropped by around 195.5K contracts.

Gold keeps targeting the $1,800 mark

Gold prices started the week on a negative footing amidst shrinking open interest and volume. That said, a deeper pullback looks unlikely, allowing instead for a potential rebound in the very near term. That said, the precious metal still looks to retest the key barrier at $1,800 per ounce troy.