Gold Futures: Room for extra gains

Open interest in gold futures markets rose for the second session in a row on Tuesday, now by around 3.7K contracts according to advanced figures from CME Group. In the same line, volume resumed the upside and went up by around 7.3K contracts.

Gold now targets the 2022 high at $1,853

Gold prices extended the upside momentum on Tuesday amidst rising open interest and volume, which is supportive of the continuation of the uptrend in the very near term at least. That said, the next target of note for the precious metal comes at the YTD high at $1,853 (January 25).