Open interest in gold futures markets reversed two consecutive daily builds and shrank by just 585 contracts at the beginning of the week according to advanced prints from CME Group. On the other hand, volume went up for the second straight session, this time by around 17.3K contracts.

Gold looks supported near $1850

Monday’s marked pullback in gold prices was on the back of shrinking open interest, which somewhat slows the pace of the downtrend. Against that, the yellow metal is expected to meet decent contention in the $1850 region in the very near term.