Gold Futures: Correction looks on the cards

Open interest in gold futures markets shrunk for yet another session at the beginning of the week, this time by around 5.2K contracts according to preliminary figures from CME Group. Volume followed suit and went down by around 11.5K contracts.

Gold appears limited by 2020 highs

The ounce troy of the precious metal extended the rebound on Monday. The move, however, was amidst declining open interest and volume, which is supportive of a short-term correction. In the meantime, the price action in gold still looks capped by yearly tops beyond the $1,760 mark per ounce.

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