Gold Futures: Recovery stays in place

Open interest in gold futures markets reversed three consecutive daily pullbacks and increased by around 4.9K contracts on Tuesday according to flash data from CME Group. On the other hand, volume shrunk for the second session in a row, this time by around 33.3K contracts.

Gold now targets $1,900/oz

The weekly recovery in gold prices seems to have further legs to go in light of Tuesday’s positive price action against the backdrop of rising open interest. That said, the next hurdle of relevance now sits at the key $1,900 mark per ounce in the short-term horizon.