Gold Futures: Further upside on the cards

Traders reversed four consecutive daily pullbacks and increased their opening positions by around 1K contracts on Monday, according to preliminary readings from CME Group. On the opposite side volume went down for the second session in a row, this time by around 18.2K contracts.

Gold still targets $1,750/oz

The precious metal remains firm around the $1,700 per ounce so far this week backed by renewed risk-off sentiment in the global markets. Monday’s uptick in the ounce troy of gold was on the back of rising open interest, opening the door to the continuation of this trend and with the target still at the 2020 high near $1,750.