Gold Futures: Extra gains likely near term

Open interest in gold futures markets rose for the second session in a row on Monday, this time by around 13.7K contracts according to preliminary readings from CME Group. Volume followed suit and added to the previous daily build, rising by around 30.8K contracts.

Gold: Next target comes at the $2000 region

Monday’s continuation of the uptrend in prices of gold was amidst increasing open interest and volume, leaving the door open to further upside in the very near term. Against that, the next hurdle of relevance is now expected at the $2000 neighbourhood, an area last visited back in April 2022.