Gold Futures: Further upside on the cards

Open interest in gold futures markets rose for the second session in a row on Tuesday, this time by around 5.5K contracts according to preliminary readings from CME Group. Volume, in the same line, went up by around 77K contracts, reaching the second consecutive daily build.

Gold now targets the 200-day SMA

Prices of gold briefly rose beyond the key $1,800 mark and closed with decent gains on Tuesday. The move was on the back of rising open interest and volume, allowing for further gains in the very near term and with the 200-day SMA at $1,827 as the next target of relevance.