Gold Futures: Door open for further upside
|Traders added around 5.2K contracts to their open interest positions in gold futures markets on Monday, clinching the third consecutive build in light of advanced prints from CME Group. On the other hand, volume extended the choppy performance and shrank by around 10.8K contracts.
Gold approaches $1,800, targets the 200-day SMA
Gold prices extended the recovery from last week’s lows near $1,680 on Monday. The uptick was amidst rising open interest, adding extra support to the idea that further gains remain on the cards in the very near term. That said, the immediate target emerges at the $1,800 mark per ounce troy ahead of the 200-day SMA, today around $1,812.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.