Gold Futures: Further consolidation appears on the cards

CME Group’s flash data for gold futures markets noted open interest resumed the uptrend and rose by more than 2K contracts on Monday. Volume, instead, shrank for the second session in a row, this time by around 82.6K contracts.

Gold looks supported near $1,650

Monday’s inconclusive price action in gold was amidst rising open interest, which is supportive of some consolidation in the very near term. In the meantime, the area of recent lows near $1,650 per ounce troy emerges as quite a decent contention for the time being.