Gold Futures: Further rebound in the pipeline

Considering advanced prints from CME Group for gold futures markets, open interest increased by nearly 10K contracts after three consecutive daily pullbacks on Tuesday. Volume followed suit and went up by around 61.5K contracts, keeping the erratic performance well in place for yet another session.

Gold now targets the $1955 area

Gold prices extended the upward bias on Tuesday, surpassing the key $1930 amidst rising open interest and volume. That said, extra gains seem likely in the very near term and with interim target at the 100-day SMA, today at $1955 per troy ounce.