Open interest in gold futures markets shrunk by more than 1K contracts after three consecutive daily pullbacks on Monday, according to flash data from CME Group. On the other hand, volume went up by around 74K contracts following four daily drops in a row.

GOLD SEEN WITHIN $1,960-$1,850

Gold charted an inconclusive session at the beginning of the week amidst rising open interest. That said, there is scope for further consolidation in the near-term likely between $1,960 and $1,850 per ounce.