Gold Futures: Further decline in store near term

CME Group’s flash data for gold futures markets noted traders added around 5.1K contracts to their open interest positions on Monday. Volume, instead, went down by nearly 78K contracts following four consecutive daily builds

Gold remains capped by $1,680

Gold corrected lower on Monday following the strong uptick recorded at the end of last week. The daily decline was on the back of rising open interest, which opens the door to the continuation of the corrective move in the very near term. In the meantime, recent tops around $1,680 per ounce troy are expected to cap occasional bullish attempts.