Gold Futures: Recovery could extend further – UOB

Open interest in gold futures markets reversed two consecutive daily pullbacks and went up by around 10.8K contracts on Friday considering flash data from CME Group. In the same line, volume kept the choppy performance well and sound and increased by around 73.5K contracts.

Gold now targets $1,830

Friday’s relevant uptick in gold prices was amidst rising open interest and volume, allowing for the continuation of the recovery in the short-term horizon. That said, the yellow metal now targets the area of resistance around $1,830.