Gold Futures: Near-term rebound in the offing

CME Group’s preliminary readings for gold futures markets noted open interest shrank for the second session in a row on Monday, this time by nearly 3K contracts. Volume, followed suit and dropped by around 51.2K contracts.

Gold re-targets $1,800 near-term

Monday’s downtick in gold prices met support around $1,760 amidst shrinking open interest and volume. That said, further losses appear unlikely, and a rebound could gather traction with the next target at the key $1,800 mark per ounce troy.