Gold Futures: Room for further upside

Open interest in gold futures markets rose for the fifth consecutive session on Friday, this time by more than 9K contracts considering preliminary readings from CME Group. Volume, instead, reversed the previous build and shrank by around 51.8K contracts.

Gold keeps targeting the 200-day SMA

Friday’s uptick in gold prices was amidst rising open interest, leaving the door open to further upside in the short-term horizon. That said, the surpass of last week’s tops at $1,1818 should expose a text of the critical 200-day SMA, today at $1,826 per ounce troy.