Gold Futures: Rebound has further legs to go

Traders increased their open interest positions in Gold futures markets for the third consecutive session on Thursday, this time by more than 16K contracts, the largest single day build so far this year. Volume, in the same line, reversed the previous daily drop and rose by around 53.3K contracts.

Gold: Next stop at $1,800/oz

Thursday’s strong uptick in Gold prices closed above the key hurdle at $1,760 amidst rising open interest and volume. That said, the door remains open to the continuation of the recovery and now with the next target at the key $1,800 mark per ounce troy.