Gold Price News and Forecast: XAU/USD finally rises through $1765.00 an ounce
|Gold Futures: Door open for extra upside
CME Group’s preliminary figures for Gold futures markets noted investors increased their open interest positions for yet another day on Tuesday, this time by around 9.3K contracts. Volume, instead, reversed three consecutive builds and shrunk by almost 39K contracts.
The ounce troy of the precious metal is navigating fresh yearly highs near $1,770. Rising open interest coupled with positive price action is supportive of the continuation of the uptrend in the very near term. That said, Gold now targets the $1,800 mark per ounce.
Asian markets drifting in the doldrums
It has taken a month, and many false dawns of hope, but gold finally broke through daily resistance at $1765.00 an ounce overnight. Gold rose 0.75% to $1768.00 an ounce, tracing out a daily close above this key resistance point.
Although gold is moribund and unchanged in Asia, the technical picture now suggests that gold can begin its long-awaited assault on $1800.00 an ounce. Initial resistance lies at the overnight high of $1770.00 an ounce, with the road clear once this hurdle is crossed.
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.