Gold Futures: Downside lacks conviction

Considering advanced prints from CME Group for gold futures markets, open interest shrank for the second session in a row on Monday, this time by nearly 2K contracts. Volume followed suit and went down for the fourth consecutive session, now by around 8.6K contracts.

Gold appears supported around $1,840

Gold started the week on the back foot amidst shrinking open interest and volume. That said, the leg lower in the precious metal seems unsustainable at least in the very near term and the $1,840 region, where the 200-day SMA sits, continues to act as a strong support.