Gold Futures: Green light to extra gains near term

Open interest in gold futures markets shrank by around 7K contracts at the end of the week, partially reversing the previous build according to preliminary readings from CME Group. Volume followed suit and went up by around 43.6K contracts following two daily pullbacks in a row.

Gold: Next target now comes at $1,879

Gold prices closed Friday’s session with modest losses following a sharp advance in the previous sessions. The corrective decline, however, came on the back of shrinking open interest and volume, removing strength from further losses and opening the door to the continuation of the uptrend instead. The next target of note for the yellow metal is now seen at the June high at $1,879 per ounce troy (June 13).