Gold Futures: Still scope for extra gains

Considering advanced prints from CME Group for gold futures markets, open interest rose for the second session in a row on Wednesday, this time by nearly 6K contracts. Volume followed suit and also added around 95.4K contracts to the previous daily build.

Gold remains focused on the 2023 high

Gold prices extended the recovery on Tuesday amidst increasing open interest and volume, which is indicative that further gains should emerge on the horizon in the very near term. That said, the YTD peak at $2032 (April 5) appears as the immediate hurdle for bulls for the time being.