Gold Futures: Door open to further upside

Pablo Piovano FXStreet

Open interest in gold futures markets reversed the previous drop and increased by around 15.5K contracts on Friday, according to preliminary readings from CME Group. Volume followed suit and went up for the second session in a row, this time by around 108.8K contracts.

Gold: Immediate target emerges at $1900

Friday’s strong uptick in gold prices was on the back of increasing open interesting and volume and is indicative that extra gains appear in store for the yellow metal in the few weeks. That said, the next up-barrier of note appears around the $1900 mark per ounce troy.

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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