Gold futures: Extra gains appear likely

Traders added nearly 18K contracts to their open interest positions on Thursday, reversing two consecutive pullbacks, according to preliminary readings from CME Group. In the same line, volume extended the choppy performance and advanced by around 71.5K contracts.

Gold: A move to $1,600/oz is not ruled out

Fresh fears around the Chinese COVID-19 motivated investors to seek shelter in Gold on Thursday. The daily advance in combination with rising open interest and volume now indicates that further upside should remain on the table along with a potential move to the $1,600 per ounce troy.