Gold Futures: Room for further upside

Open interest in Gold futures markets rose for the third session in a row on Monday, this time by around 18.3K contracts considering preliminary readings from CME Group. Volume followed suit and went up by around 66.5K contracts after two daily pullbacks in a row.

Gold now targets $1,890 near-term

Gold prices closed the Monday’s session at fresh 4-month highs, extending the recent breakout of the key 200-day SMA ($1,845). The uptick was amidst rising open interest and volume, allowing for the continuation of the current bounce. That said, there is a minor hurdle around the $1,890 per ounce troy, where sits a Fibo level of the January-March drop.