Gold Futures: Further upside on the cards

Considering preliminary readings from CME Group for gold futures markets, open interest reversed two consecutive daily pullbacks and rose by around 1.5K contracts on Tuesday. In the same line, volume went up by around 10.6K contracts, extending the recent erratic performance.

Gold re-focuses on $1,800

Tuesday’s recovery in prices of the yellow metal was amidst rising open interest and volume, indicative that further upside appears likely in the very near term at least. That said, gold could start a gradual approach to the key resistance in the $1,800 mark per ounce troy.