Gold Futures: Extra gains remain in the pipeline

Traders added more than 14K contracts to their open interest positions in Gold futures markets on Monday, reaching the second consecutive build according to preliminary figures from CME Group. Volume followed suit and resumed the upside rising by around 29.5K contracts.

Gold targets $1,800

Gold prices started the week on a strong footing, closing just below the key barrier at $1,800 per ounce troy.  The move was on the back of rising open interest and volume, indicative that further gains look likely in the very near-term. The key hurdle around $1,800 is also reinforced by the 100-day SMA, today at $1,796.