Gold Futures: Door open to further recovery

CME Group’s flash data for gold futures markets noted traders increased their open interest positions for the third session in a row on Wednesday, this time by around 13K contracts. Volume followed suit and went up by around 74.8K contracts after three consecutive daily drops.

Gold now targets the 2023 peak near $2050

Gold prices rose sharply and closed past the key $2000 mark per ounce troy on Tuesday. The move was accompanied by increasing open interest and volume, which is suggestive that further gains remain in store for the yellow metal in the very near term and with the immediate hurdle at the 2023 top near $2050 (April 13).