Gold Futures: Further upside on the table

Open interest in gold futures markets rose by nearly 24.5K contracts on Wednesday and clinched the fifth consecutive daily build considering flash data from CME Group. In the same line, volume went up by around 150.3K contracts to 443464 contracts, the largest level since May 25.

Gold now looks to 2021 highs past $1,900

Prices of the ounce troy of gold rose to levels last seen in June near $1,870 on Wednesday. The sharp move was on the back of rising open interest and volume, opening the door to the continuation of the uptrend in the very near term. That said, the next level of note now emerges at the YTD high around $1,913 recorded on June 1.