Open interest in gold futures markets dropped for the second session in a row on Monday, this time by around 12.8K contracts according to preliminary readings from CME Group. Volume followed suis and shrank for the third straight session, now by around 79.3K contracts.

Gold remains focused on $1980

Gold started the week in an inconclusive fashion following Friday’s small pullback. The move was amidst shrinking open interest and volume and exposes a potential bounce in the near term. In the meantime, occasional bullish attempts should continue to target the June peaks just above the $1980 mark per troy ounce.