Gold Futures: Probable move higher near term

Open interest in gold futures markets rose by around 3.7K contracts on Wednesday, extending the choppy performance seen as of late considering flash data from CME Group. Volume followed suit and also went up, this time by around 5.8K contracts.

Gold faces the next hurdle at $1,787

Gold prices managed to rebound from weekly lows near $1,740 and closed Wednesday’s session with decent gains amidst rising open interest and volume. Against this, the precious metal could extend the advance in the very near term and attempt a move to the next hurdle at $1,787 (weekly high September 22).