GOLD FUTURES: PROBABLE REBOUND ON THE CARDS

According to advanced prints from CME Group for gold futures markets, open interest retreated for the third session in a row, this time by around 5.7K contracts. Volume followed suit and shrank by nearly 40K contracts.

GOLD: GAINS REMAIN CAPPED BY $1,740/50

Monday’s pullback in gold prices was amidst shrinking open interest and volume, hinting at the probability of further gains in the very near term. While price action in bullion appears consolidative, it could attempt a move higher to the $1,740 region per ounce troy in the short-term horizon.