CME Group’s flash data for gold futures markets noted investors trimmed their open interest positions for the third session in a row on Monday, this time by just 729 contracts. Volume followed suit and went down by around 55.6K contracts.

Gold faces some consolidation near term

Gold prices kicked off the week on the back foot amidst shrinking open interest and volume, which suggest that a deeper and sustained pullback seems not favoured for the time being. In the meantime, the so far monthly low at $1924 (August 4) is expected to offer initial support.