Gold Futures: Upside remains on the cards

In light of preliminary data from CME Group, open interest in Gold futures markets increased by around 10.5K contracts on Monday, reversing three consecutive daily pullbacks. Volume followed suit and rose by around 145.6K contracts after four consecutive daily pullbacks.

Gold now targets the $1,600/oz

Prices of the ounce troy of gold advanced markedly on Monday amidst rising open interest and volume. That said, the continuation of the move up looks likely with the immediate target at the $1,600 mark/oz.