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Market Analysis
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Open interest in gold futures markets increased by around 10.1K contracts on Tuesday, reversing at the same time three consecutive daily pullbacks according to preliminary readings from CME Group. Volume, instead, shrank by around 39.8K contracts after two daily builds in a row.
Gold: Next target comes at the 2023 top
Gold prices extended the uptrend north of the $2000 mark on Tuesday. The move was on the back of rising open interest and is indicative that the continuation of the upbeat mood remains in the pipeline in the very near term. Against that, the next target of note for the yellow metal emerges at the 2023 peak of $2067 per troy ounce (May 4).
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