Gold Futures: Neutral/Bullish near-term – UOB

Open interest in Gold futures markets rose by around 5.9K contracts on Friday according to preliminary figures from CME Group. On the other hand, volume shrunk by around 16.5K contracts after three consecutive daily builds.

Gold faces initial hurdle at $1,760/oz

Friday’s uptick in Gold prices was on the back of rising open interest, allowing for the continuation of the consolidative/bullish trend in the very near-term. That said, the next up barrier lines up around the $1,760 mark per ounce troy.