Gold Futures: Further upside on the cards
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According to preliminary readings from CME Group, open interest in gold futures markets rose for the third day in a row on Tuesday, this time by nearly 8K contracts. In the same line, volume added to the previous advance and climbed by around 113.6K contracts.
Gold prices extended the uptrend to the $1850 region for the first time since mid-June on Tuesday. The move was amidst rising open interest and volume and exposes the continuation of this move in the very near term. The surpass of the $1850 zone should put bullion en route to the June 2022 high at $1879 (June 13).
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