Gold Futures: Recovery could extend further

Open interest in gold futures markets rose by nearly 2.5K contracts after three consecutive daily pullbacks according to preliminary readings from CME Group. Volume, instead, remained choppy and shrank by around 126.5K contracts.

Gold keeps targeting the $2000 mark

Wednesday’s rebound in prices of gold from the $1970 region was insufficient to lift the metal back to the positive territory. The move, however, was on the back of increasing open interest, which could be supportive of the continuation of the bounce in the very near term. That said, the next hurdle of note remains at the $2000 mark per troy ounce.