Gold Futures: Potential for further gains
|Traders added nearly 1.5K contracts to their open interest positions in gold futures markets on Tuesday, reversing at the same time three consecutive daily drops according to flash data from CME Group. Volume, instead, shrunk for the second session in a row, this time by around 3.3K contracts.
Gold now looks to $1,800/oz
Gold prices managed to rebound from new yearly lows just above the $1,700 per ounce on Tuesday. The bounce was on the back of rising open interest, which could be indicative that further upside remains on the cards in the very near-term. That said, the next level of note for the precious metal now emerges at the $1,800 per ounce troy.
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.