Gold Futures: Scope for extra gains

Open interest in Gold futures markets rose by just 299 contracts at the beginning of the week according to preliminary readings from CME Group. On the other hand, volume extended the downtrend and shrunk by around 71.1K contracts.

Gold keeps looking to $1,760

Monday’s rebound in Gold from 2-day lows around $1,720 was on the back of a small uptick in open interest despite closing the session with losses. That said, there is still the possibility for the bounce to extend further in the very near-term. The $1,760 mark per ounce troy emerges as the next hurdle of note for the metal.