Gold Futures: Room for extra gains near term

Considering advanced prints from CME Group for gold futures markets, open interest rose by around 1.3K contracts on Thursday, while volume added to the previous daily build and went up by around 3.7K contracts.

Gold: Immediate upside target appears around $1980

Thursday’s strong bounce in gold prices was on the back of rising open interest and volume, opening the door to the continuation of the recovery in the very near term. Against that, the next target for bulls comes at the June peaks just above the $1980 mark per ounce troy.