Gold Futures: Room for extra upside

Traders increased their open interest positions by nearly 6.1K contracts on Tuesday, reversing the downtrend in place since May 21 according to advanced readings from CME Group. Volume, in the same line, went up by almost 34.5K contracts.

Gold resumes the upside

Tuesday’s positive price action in gold was amidst increasing open interest and volume leaving the scenario ripe for further upside in the very near-term. That said, the precious metal could be now headed to the monthly peaks around $1,745 per ounce.