Gold Futures: Room for extra gains near term

Open interest in gold futures markets increased by around 1.2K contracts on Monday, keeping the erratic performance well and sound, according to preliminary readings from CME Group. Volume, instead, resumed the downtrend and shrank by nearly 42K contracts.

Gold faces interim hurdle above $1940

Gold prices added to recent gains amidst rising open interest on Monday, which is indicative that extra gains lie ahead for the yellow metal in the very near term. Against that, there is an interim hurdle at the 100-day SMA at $1943.