Gold Futures: Scope for the continuation of the uptrend

CME Group’s flash data for gold futures markets noted open interest increased for the first time since May 12, now by around 5.7K contracts. Volume, instead, shrank for the second session in a row, this time by around 30.4K contracts.

Gold faces strong resistance around $1,870

Thursday’s strong advance in gold was on the back of rising open interest and opens the door to further gains in the very near term. Against that, the precious metal faces a tough resistance around the $1,870 level per ounce troy.