Gold Futures: Room for extra upside

CME Group’s flash data for gold futures markets noted open interest increased for the second session in a row on Wednesday, this time by nearly 13K contracts. Volume, instead, dropped for the second straight day, now by more than 7K contracts.

Gold now targets $1920

Prices of the ounce troy of the yellow metal edged higher on Wednesday amidst rising open interest, leaving the door open to the continuation of the rebound in the very near term. That said, gold now targets the recent peak around $1920 (April 29).