Gold Futures: Scope for further recovery

Open interest in gold futures markets increased for the second session in a row on Wednesday, this time by nearly 1.3K contracts considering flash data from CME Group. In the same direction, volume went up by around 13.4K contracts.

Gold still targets the $1,800 mark

Gold prices extended the weekly rebound on Wednesday and advanced to 2-day highs. The uptick in prices of the precious metal was amidst increasing open interest and volume, allowing for the continuation of the uptrend in the very near term at least. On the upside, the next target remains at the key barrier at the $1,800 mark per ounce troy.