Gold Futures: Extra upside still likely

Open interest in gold futures markets increased for the third session in a row on Wednesday, this time by around 16.9K contracts considering advanced figures from CME Group. Volume, instead, extended the choppy activity and shrank by around 68.6K contracts.

Gold now targets the $1,877 level

Wednesday’s strong advance in prices of gold was in tandem with rising open interest, which remains supportive of extra gains in the very near term and with the next target at the November 2021 high at $1,877 per ounce troy (November 16). That potential move, however, could be quite bumpy, as indicated by the decline in volume.