Gold Futures: Room for further upside

In light of preliminary readings from CME Group for Gold futures markets, open interest and volume increased by nearly 2.4K contracts and by around 228.6K contracts, respectively, on Monday. It was the largest single-day gain in volume since January 21^st.

Gold is now focused on $1,700/oz

Increasing demand for the safe havens on the back of COVID-19 concerns boosted the price of the ounce troy of Gold to levels last seen in January 2013 in the vicinity of $1,700. Furthermore, rising open interest and volume coupled with the positive price action are supportive of extra gains in the short-term horizon.