Gold Futures: A sustained pullback seems unlikely

Open interest in gold futures markets extended the downtrend for yet another session on Monday, this time by around 6.1K contracts according to preliminary readings from CME Group. Volume followed suit and shrank by around 51.2K contracts after two consecutive daily drops.

Gold: The $1950 region emerges as a decent support

Gold started the week in a negative fashion amidst shrinking open interest and volume. That said, a deeper pullback seems out of favour in the very near term, while the $1950 region remains an initial and decent contention zone.