Open interest in Gold futures markets went down for the second session in a row on Monday, this time by 4.3K contracts according to flash data from CME Group. Volume followed suit, shrinking by around 32.5K contracts.

Gold keeps the target at $1,750/oz

Monday’s negative price action in the precious metal was on the back of shrinking open interest and volume, leaving the prospects of further downside limited. That said, gold still targets the area of YTD peaks around $1,750 per ounce in the near term.