The Gold Futures Market is Poised for Further Upside

Gold rates slipped during the early part of the week gone by, but managed to recover later and closed almost flat for the week. According to CME Group reports, which shows that open interest in gold futures markets rose for the third consecutive day on Tuesday, this time by nearly 8K contracts. A similar increase in volume was observed in line with the previous advance, adding approximately 113.6K contracts to the previous advance.

There is a possibility of additional gains in gold above $1850

For the first time since mid-June, gold prices extended their uptrend to the $1850 region on Tuesday. This move occurred as open interest and volume rose, and it is likely that this trend will continue in the near future. As bullion surpasses the $1850 zone on June 13th, it may be on its way to June 2022 high at $1879 (June 13th).