Gold Futures: Door open to extra recovery

Open interest in gold futures markets rose by just 577 contracts on Wednesday after two consecutive daily drops according to preliminary readings from CME Group. Volume followed suit and went up by almost 89K contracts, reversing at the same time two straight daily pullbacks.

Gold now targets $1,688

Prices of the ounce troy of gold added to the weekly rebound on Wednesday amidst rising open interest and volume. That said, the continuation of the bounce appears on the table in the very near term and with the immediate up barrier at the weekly high at $1,688 (September 21).