Gold Futures: Room for extra gains

Open interest in Gold futures markets increased for the second session in a row on Tuesday, this time by around 6.2K contracts according to preliminary figures from CME Group. In the same line, volume advanced by nearly 8.7K contracts.

Gold faces initial hurdle at $1,760

Tuesday’s inconclusive price action in gold was amidst rising open interest and volume, allowing for further upside in the very near-term. That said, the next interim hurdle emerges at the February 19 low around $1,760 per ounce troy.