Gold Futures: Door open to extra gains

Pablo Piovano FXStreet

Considering advanced prints from CME Group for gold futures markets, open interest increased by around 11.2K contracts on Thursday, reversing two consecutive daily pullbacks. Volume followed suit and went up by around 33.4K contracts after three daily drops in a row.

Gold needs to close above $2000 to allow for further upside

Gold prices extended the rebound on Thursday and surpassed once again the key $2000 mark per ounce troy, albeit closing below it. The uptick was amidst rising open interest and volume and hints at the likelihood that further upside is in store for the yellow metal 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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