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Gold Futures: Recovery could extend further
Open interest in gold futures markets reversed two consecutive daily builds and shrank by around 2.2K contracts on Wednesday, according to preliminary readings from CME Group. Volume followed suit and went down for the third session in a row, this time by nearly 42K contracts.
Gold keeps targeting the $2000 mark
Wednesday’s small decline in gold prices came on the back of shrinking open interest and volume, indicating that further losses seem unlikely and favouring the continuation of the uptrend instead. That said, the next target of note for the precious metal remains at the key $2000 mark per troy ounce.
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