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Gold Futures: Downside seen as corrective

Traders scaled back their open interest positions by almost 3.2K contracts on Monday in light of advanced data from CME Group. In the same line, volume retreated for the fourth consecutive session , now by around 31.3K contracts.

Gold looks supported at the 21-day SMA around $1,564/oz

The price of the ounce troy of the precious metal started the week on a negative footing. However, shrinking open interest and volume amidst declining prices should keep the downside limited in the near term at least. That said, the 21-day SMA around $1,564 per ounce emerges as in interim support in case the selling impetus in Gold picks up pace.

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