Golds Futures: Room for further upside

Open interest in gold futures markets increased for the fourth consecutive session on Friday, this time by around 2.3K contracts according to preliminary readings from CME Group. Volume followed suit and went up by around 24.4K contracts after two consecutive daily pullbacks.

Gold: Next target emerges at $1890

Friday’s strong uptick in gold prices was on the back of rising open interest and volume, leaving the door open to the continuation of the monthly rebound in the very near term. That said, the next target on the upside comes at the weekly high at $1890 per ounce troy (February 9).