Gold Futures: Extra gains look likely

Pablo Piovano FXStreet

Open Interest in gold futures markets rose by almost 8K contracts on Thursday after three consecutive daily drops in light of advanced figures from CME Group. In the same line, volume went up by around 31.2K contracts, prolonging the choppy activity seen as of late.

Gold now looks to $1,918/oz

Gold prices advanced further and closed above the $1,900 mark per ounce for the second session in a row on Thursday. The move was accompanied by increasing open interest and volume, allowing for the continuation of this trend in the very near-term. That said, the next target of relevance is located at the so far monthly peaks near $1,920 per ounce (October 12).

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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