Gold Futures: Further gains look likely
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Open interest in gold futures markets resumed the uptrend and increased by just 554 contracts on Wednesday, according to preliminary readings from CME Group. Volume, instead, shrank for the third consecutive session, now by around 9.6K contracts.
Gold prices reversed two consecutive daily pullbacks and printed a marked bounce in the wake of the FOMC event on Wednesday. The uptick in the precious metal was on the back of a small build in open interest, which remains supportive of the continuation of the upside momentum in the very near term. That said, bullion could now attempt another move to the key $2000 mark per ounce troy.
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