Gold Futures: Room for further gains near term

Considering advanced prints from CME Group for gold futures markets, open interest increased for the second session in a row on Tuesday, this time by around 5.5K contracts. Volume, instead, shrank for the second straight session, this time by nearly 42K contracts.

Gold faces the next hurdle at $2000

Tuesday’s decent uptick in gold prices came in tandem with rising open interest, which is indicative that extra upside appears in store in the very near term. Against that, the precious metal is now expected to retarget the key barrier at $2000 per troy ounce.