Gold Futures: Extra gains look likely near term

Considering preliminary readings from CME Group for gold futures, open interest increased by more than 7K contracts on Thursday, reversing the previous pullback. Volume, instead, left behind Thursday’s build and shrank by nearly 11K contracts.

Gold: Next hurdle comes around $1930

Thursday’s decent gains in gold prices were amidst rising open interest, allowing for the continuation of the upside momentum in the very near term and with the immediate target at the 55-day SMA around $1930 per ounce troy.