Gold Futures: Further gains not ruled out
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Open interest in gold futures markets increased by nearly 3K contracts after three consecutive daily pullbacks on Thursday according to preliminary readings from CME Group. Volume, instead, remained choppy and shrank by almost 191K contracts.
Gold prices advanced marginally amidst an inconclusive session on Thursday. That price action was in tandem with rising open interest and a marked drop in volume, which suggests that further indecision could lie ahead and at the same time does not rule out the continuation of the underlying upside bias. The immediate resistance for the yellow metal comes at the 2023 high at $1959 per ounce troy (February 2).
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