Gold Futures: Further downside appears unlikely

Open interest in gold futures markets resumed the downside on Monday, this time by around 2.8K contracts according to flash data from CME Group. In the same line, volume shrunk by around 118.1K contracts, offsetting the previous build.

Gold meets support near $1,760/oz

Gold prices tested new lows in the $1,760 area at the beginning of the week and closed within the negative territory for the second session in a row. The downtick, however, was on the back of shrinking open interest and volume, leaving the prospects of a deeper pullback somewhat diminished.