Gold Futures: Extra gains on the cards

Traders reversed two consecutive daily pullbacks and increased their open interest positions by around 11K on Friday, according to flash data from CME Group. In the same line, volume went up by around 45.6K contracts, also following two drops in a row.

Gold now looks to $1,940/oz

Friday’s positive performance in gold prices was amidst rising open interest and volume. That said, further upside is likely in the very near-term, with the immediate target at the 55-day SMA, today around $1,940 per ounce.