Gold Futures: Room for extra gains

Open interest in gold futures markets extended the uptrend in place since August 12 and rose by early 9K contracts on Monday, according to flash data from CME Group. In the same line, volume went up by around 51.8K contracts, offsetting the previous drop.

Gold now targets the 200-day SMA

Monday’s decent advance in gold prices was on the back of rising open interest and volume, which opens the door to further upside in the very near term. That said, the next target now emerges at the critical 200-day SMA, today at $1,810.