Gold Futures: Scope for further upside

Traders increased their open interest positions in Gold futures markets for the third session in a row on Thursday, this time by more than 21K contracts and reaching the largest single day build since mid-June according to flash data from CME Group. Volume followed suit and also rose for the third consecutive session, now by 7.4K contracts.

Gold now looks to $1,990/oz

Thursday’s positive price action in gold prices was on the back of the continuation of the uptrend in open interest and volume, opening the door to extra gains and with the next target at the September peaks in the $1,990 mark per ounce.