Gold Futures: Potential for further gains

Traders added nearly 1.5K contracts to their open interest positions in gold futures markets on Tuesday, reversing at the same time three consecutive daily drops according to flash data from CME Group. Volume, instead, shrunk for the second session in a row, this time by around 3.3K contracts.

Gold now looks to $1,800/oz

Gold prices managed to rebound from new yearly lows just above the $1,700 per ounce on Tuesday. The bounce was on the back of rising open interest, which could be indicative that further upside remains on the cards in the very near-term. That said, the next level of note for the precious metal now emerges at the $1,800 per ounce troy.