Gold Futures: Further gains likely

Open interest in gold futures markets rose for the second session in a row on Friday, this time by nearly 4.9K contracts in light of flash data from CME Group. On the other hand, volume reversed two straight builds and shrunk by almost 30.5K contracts.

Gold now targets $1,900/oz

Friday’s uptick in gold prices was amidst rising open interest, opening the door to the continuation of this trend in the very near-term. That said, the next resistance of note is located at the $1,900 mark per ounce (November 16).