Gold Futures: Further upside not ruled out

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CME Group’s flash data for gold futures markets noted open interest shrank for the third session in a row on Tuesday, this time by nearly 4.6K contracts. In the same line, volume went down by around 1.9K contracts.

Gold now targets $1,800

Gold prices extended the bounce off recent lows and retested the $1,780 area on Tuesday. The move was amidst shrinking open interest and volume, hinting at the idea that extra gains could still be in the pipeline. That said, the $1,800 mark per ounce troy remains as the key target for bulls for the time being.