Gold Futures: Further gains look likely

CME Group’s flash readings for Gold futures markets noted traders increased their open interest positions by nearly 5K contracts on Tuesday, reversing at the same time four consecutive daily pullbacks. In the same direction, volume went up by around 10.8K contracts after three drops in a row.

Gold met resistance at the 55-day SMA

Tuesday’s positive price action in Gold prices was on the back of rising open interest and volume, leaving the prospects of extra gains well on the table with the next hurdle of not at the October peaks in the $1,930 mark per ounce.