Gold Futures: Further gains not ruled out

Open interest in gold futures markets remained choppy and went up by nearly 1.1K contracts on Monday according to preliminary readings from CME Group. Volume, instead, shrank by around 69.7K contracts, reversing the previous day’s build.

Gold remains capped near $1,800

Prices of the ounce troy of gold faltered once again just below the key $1,800 mark at the beginning of the week. The daily uptick was on the back of rising open interest, which is supportive of further upside in the very near term. Hence, extra challenges of this key resistance region should remain well in place for the time being.