Gold Futures: Room for further gains

Open interest in gold futures markets rose for the third session in a row on Friday, this time by round 1.2K contracts according to preliminary figures from CME Group. On the other hand, volume shrank for the second consecutive session, now by around 4.5K contracts.

Gold: Further gains expected above $1,800

Friday’s uptick in gold prices was on the back of rising open interest, which is supportive of extra upside in the very near term. The drop in volume, however, could prompt some consolidation while the uptrend so far remains capped by the $1,800 mark per ounce troy.