Gold Futures: Door open to extra upside

CME Group’s flash data for gold futures markets noted traders added around 4.5K contracts to their open interest positions on Tuesday, leaving behind the previous daily drop and maintaining the recent erratic performance unchanged. Volume followed suit and increased by around 57.2K contracts.

Gold now targets the $1850 region

Gold prices extended the bounce off February lows amidst rising open interest and volume on Tuesday. That said, the continuation of this rebound appears likely in the very near term and the precious metal could now challenge the key $1850 region per ounce troy.