Gold Futures: Still room for further upside

CME Group’s flash data for gold futures markets noted open interest extended the uptrend for the sixth session in a row on Thursday, this time by around 14.2K contracts. Volume, instead, reversed two consecutive daily builds and shrank by nearly 180K contracts.

Gold continues to target the YTD peak past $1,900

Gold advanced for the sixth straight session on Thursday, extending the rally well past the key $1,800 mark per ounce troy. The strong advance was supported by rising open interest, which leaves the door open for the continuation of the uptrend in the very near term. That said, the next target of note comes at the 2021 high around $1,916 (June 1).