Gold Futures: Further upside in the pipeline

CME Group’s flash data for gold futures markets noted open interest increased by more than 3K contracts on Tuesday, resuming the uptrend after Monday’s pullback. Volume followed suit and went up by around 85.8K contracts, extending the erratic performance seen as of late.

Gold: Next stop comes at $1,675

Tuesday’s moderate uptick in gold prices was in tandem with rising open interest and volume, which is supportive of further recovery in the very near term. Against that, the immediate target for the precious metal remains at the weekly high at $1,675 per ounce troy (October 26).