Gold Futures: Rebound has further legs to go

Open interest in Gold futures markets increased for the second session in a row on Friday, this time by around 10.8K contracts according to preliminary figures from CME Group. Volume followed suit and went up for the second straight session, now by around 80.4K contracts.

Gold now targets the 200-day SMA

Friday’s uptick in Gold prices was in tandem with rising open interest and volume, exposing the continuation of the current uptrend, at least in the very near-term. That said, the 200-day SMA at $1,850 per ounce troy now emerges as the next target of note.