Gold Futures: Still scope for further gains

CME Group’s preliminary readings for gold futures markets noted open interest rose for the second session in a row on Friday, this time by just 731 contracts. Volume, instead, shrank by around 142.2K contracts, the largest daily drop since July 29.

Gold still targets $1,800

Gold extended the upside momentum on Thursday although a close above the $1,800 yardstick still remains elusive. Rising open interest coupled with positive price action allows for further gains in the very near term and always with the immediate target at the $1,800 mark per ounce troy.