Gold Futures: Rebound could extend further

Open interest in gold futures markets rose by just 935 contracts at the beginning of the week and reversed two consecutive daily pullbacks, according to preliminary readings from CME Group. On the other hand, volume extended the choppy activity and shrunk by nearly 181K contracts.

Gold meets support near $1,820/oz

Monday’s bounce off the $1,820 region in gold prices was on the back of a mild increment in open interest, opening the door to the continuation of the recovery in the short-term horizon. So far, the precious metal appears to have met some contention in the $1,820 region per ounce.