Gold Futures: Extra gains could take a breather

Pablo Piovano FXStreet

Considering advanced figures from CME Group for gold futures markets, open interest reversed three consecutive daily builds and dropped by nearly 5.1K. contracts on Tuesday. Volume, instead, rose for the third session in a row, this time by around 71.2K contracts.

Gold still targets the $2075 level

Gold prices advanced to new YTD high at $2070 on Tuesday. The uptick was accompanied by shrinking open interest, indicative that the acute upside in place since the start of the Russian invasion of Ukraine could face some headwinds in the very near term. In the meantime, traders continue to target the all-time high at $2075 recorded in early August 2020.

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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