Gold Futures: Further gains looks likely

CME Group’s advanced figures for gold futures markets noted open interest went up for the second session in a row on Tuesday, this time by around 2.7K contracts. In the same line, volume reversed two consecutive daily pullbacks and increased by around 83.4K contracts.

Gold still targets the $1,830/oz region

Gold prices rose for the second straight session on Tuesday and finally reached the 200-day SMA above the key $1,800 mark per ounce troy. The move was in tandem with rising open interest and volume and opens the door to further upside in the very near term, always with the tough barrier around the $1,830 region.