Gold Futures: Room for extra upside
|Open interest in gold futures markets went up for yet another session according to preliminary data from CME Group on Thursday, this time by around 5.3K contracts. Volume followed suit and rose by around 110.5K contracts, reversing the previous daily drop.
Gold now targets monthly highs near $1,915
Thursday’s uptick in gold prices was on the back of rising open interest and volume, exposing the continuation of the uptrend in the very near term with the immediate target at the June peaks around $1,915 per ounce troy (June 1).
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.