Gold Futures: Room for extra upside

CME Group’s flash data for gold futures markets noted traders increased their open interest positions for the first time since November 14 on Thursday, this time by around 12.7K contracts. Volume, followed suit and went up for the second session in a row, now by more than 33K contracts.

Gold now looks at $1,807

Thursday’s strong bounce in gold prices finally surpassed the key $1,800 mark per ounce troy. The move, in addition, was on the back of rising open interest and volume, which is indicative that further gains remain in store in the very near term. That said, the next target of note comes at the August high at $1,807 (August 10).