Gold Futures: Door open to extra gains

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted open interest resumed the uptrend and went up by around 11.7K contracts on Wednesday, reversing at the same time the previous drop. Volume, instead, left behind two consecutive daily builds and shrank by more than 13K contracts.

Gold already flirts with $1950

Prices of the ounce troy of gold rose for the third straight session on Wednesday and tested the $1950 region for the first time since late April 2022. The uptick was on the back of rising open interest and is supportive of the continuation of the rally in the very near term.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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