Gold Futures: Extra gains appear on the cards

Open interest in gold futures markets increased for the second session in a row on Monday, this time by around 10.1K contracts considering preliminary readings from CME Group. In the same line, volume shrank by nearly 166K contracts, partially reversing the previous build.

Gold now targets the $1,830 region

Monday’s decent advance in prices of the precious metal was on the back of rising open interest, opening the door to the continuation of the recovery at least in the very near term. That said, if gold breaks above Monday’s top around $1,813 it could expose a move to the key resistance area near $1,830 per ounce troy (July/August/September highs).