CME Group’s flash data for gold futures markets noted traders scaled back their open interest positions for the second session in a row on Monday, this time by around 2.7K contracts. Volume followed suit and shrank by around 21.2k contracts, reversing at the same time four consecutive daily builds.

Gold: Next on the upside aligns the 2023 high

Gold prices started the week on the back foot amidst shrinking open interest and volume. That said, a sustained pullback looks out of favour for the time being and occasional bouts of strength should keep targeting the 2023 peak near $2050 per ounce troy (April 13).