Gold Futures: Scope for further gains

Traders increased their open interest positions for the second session in a row on Tuesday, this time by around 2.5K contracts according to preliminary readings from CME Group. On the other hand, volume resumed the downtrend and shrunk by around 64.5K contracts.

Gold looks to $1,900/oz

Gold prices edged higher on Tuesday, faltering just ahead of the $1,880 level. The uptick was amidst rising open interest, which is supportive of the continuation of the weekly recovery in the very near-term. That said, the next target of note remains at the $1,900 per ounce.