Gold Futures: Room for extra upside near term

Open interest in gold futures markets rose by around 18.4K contracts after two consecutive daily pullbacks on Thursday considering advanced readings from CME Group. Volume, instead, resumed the downtrend and shrank by around 174.2K contracts.

Gold now looks to $1,860

Thursday’s strong advance in gold prices was amidst rising open interest, opening the door to the continuation of the upside in the very near term. That said, the next target of note comes in at the Fibo level at the $1,860 mark per ounce troy.