Gold Futures: Still scope for extra gains

According to preliminary readings from CME Group for crude oil futures markets, traders added nearly 4K contracts to their open interest positions on Wednesday, extended the uptrend for the third session in a row. In the same line, volume went up for the second straight day, this time by around 11.8K contracts.

Gold still targets the $1,830 region

Prices of the gold extended the uptrend for yet another session on Wednesday. The recent surpass of the key $1,800 mark looks convincing and Wednesday’s uptick was in tandem with rising open interest and volume. Against this, further gains seem favoured in the very near term with the immediate target at the key resistance area around $1,830 per ounce troy.