Gold Futures: Further gains remains on the table

CME Group’s flash data for gold futures markets noted traders increased their open interest positions by around 5.2K contracts on Thursday, extending the erratic trend seen as of late. Volume remained choppy as well and shrank by nearly 45K contracts.

Gold remains capped by $1975

Gold charted decent gains on Thursday on the back of rising open interest. That said, the door remains open to further upside in the very near term, although the pullback in volume might prompt some consolidation. Occasional bullish attempts in bullion, in the meantime, appear limited by the so far 2022 high at $1975 (February 24).