Gold Futures: Scope for further upside

Considering advanced prints from CME Group for gold futures markets, open interest rose for the second session in a row on Friday, this time by nearly 19K contracts. Volume followed suit and went up by around 137.1K contracts, partially offsetting the previous decline.

Gold now looks at $2000

Prices of gold rose sharply at the end of last week amidst rising open interest and volume, which is suggestive that extra gains remain well on the cards in the very near term. That said, the yellow metal now targets the key $2000 barrier per ounce troy. Of note, however, is that the current overbought condition of the precious metal could, in the meantime, trigger a corrective decline.