Gold Futures: Room for further gains

CME Group’s preliminary readings for gold futures markets noted open interest rose for the second session in a row on Wednesday, this time by around 7.5K contracts. Volume, instead, went down for the second straight session, now by around 39.5K contracts.

Gold: Immediate target aligns at $1,877

Wednesday’s strong advance in prices of the ounce troy of the precious metal was amidst rising open interest and opens the door to further upside in the very near term. Against that, the monthly peak at $1,877 (November 16) now emerges as the next hurdle of note for gold bulls.