Gold Futures: Further upside in the pipeline

CME Group’s flash results for gold futures markets noted traders extended the uptrend and roe by around 9.4K contracts on Wednesday. Volume, instead, shrank by around 13.3K contracts after two consecutive daily advances.

Gold now targets the June 2022 high near $1880

Wednesday’s decent gains in gold prices were on the back of increasing open interest, which remains supportive of the continuation of this trend in the very near term. Against that, the next target of note for the precious metal is expected at the June 2022 top at $1879 per ounce troy (June 13).