Gold Futures: Door open for extra gains

Open interest in Gold Futures rose by nearly 29K contracts on Thursday, the largest single day build since March 19, according to preliminary figures from CME Group. In the same line, volume went up by around 119.5K contracts, the highest level since February 16.

Gold now targets the 200-day SMA near $1,850

Thursday’s strong advance in Gold prices was against the backdrop of rising open interest and volume, indicative that extra gains lie ahead in the very near-term. That said, the 200-day SMA around $1,850 per ounce troy emerges as the next target of note.