Gold Futures: Room for further gains near term

CME Group’s flash data for gold futures markets noted traders resumed the uptrend and added around 23.5K contracts to their open interest positions on Wednesday. In the same line, volume went up by around 85.7K contracts and reversed the previous daily drop.

Gold: Next on the upside emerges the $1980 region

Gold prices rose strongly on Wednesday amidst increasing open interest and volume, which is indicative that extra gains remain in store for the precious metal in the very near term. That said, the next target on the upside now aligns at the June high in the $1980 per troy ounce.