Gold Futures: Scope for extra gains

Open interest in gold futures markets rose by around 10.5K contracts on Friday according to flash data from CME Group. In the same direction, volume reversed two consecutive daily pullbacks and went up by around 35.8K contracts.

Gold remains capped by $1,800

The recovery in gold prices seems to have met a tough resistance in the $1,800 zone so far. Friday’s uptick was in tandem with increasing open interest and volume, allowing for the continuation of the uptrend in the very near-term.