Gold Futures: Further rebound looks likely

Open interest in gold futures markets resumed the upside on Tuesday, this time by just 504 contracts according to preliminary readings from CME Group. Volume, instead, reversed two consecutive daily builds and shrank by just 642 contracts.

Gold: Initial hurdle comes at $1,775

Gold prices regained some poise and reversed six consecutive sessions with losses on Tuesday, retesting the $1,750 region. The rebound was accompanied by a small uptick in open interest, which is indicative that the current bounce could extend further in the very near term. That said, the next up barrier comes at the 55-day SMA, today at $1,775 per ounce troy.