Gold Futures: Further gains in the pipeline

According to preliminary readings from CME Group for gold futures markets, open interest rose for the second session in a row on Wednesday, this time by around 2.7K contracts. Volume, instead, shrank for the second straight day, now by around 32.8K contracts.

Gold: Next target comes at $1,800

Wednesday’s uptick in gold prices was amidst rising open interest and expose further gains in the very near term. That said, further upside in the commodity now retargets the key resistance zone around $1,800 in the very near term.