Gold Futures: Extra gains likely near term
|Traders added around 9.8K contracts to their open interest positions on Wednesday, extending the uptrend since July 2, all considering flash data from CME Group. Volume, instead, shrank by around 9.4K contracts after two daily builds in a row.
Gold re-visits the 200-day SMA
Gold prices posted strong gains on Wednesday, finally managing to reach the key 200-day SMA in the $1,820 region per ounce troy. Higher prices of the yellow metal were amidst rising open interest, which should be supportive of further gains in the very near term. That said, there is a minor hurdle at the 50-day SMA, today around $1,837.
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