Gold Futures: Extra gains remain on the cards

Pablo Piovano FXStreet

Traders increased their open interest positions for the third session in a row on Monday, this time by around 22.5K contracts, the largest single day build so far this year considering flash data from CME Group. Volume, instead, reversed two straight builds and shrunk by around 58.6K contracts.

Gold still targets the $1,850 region

Gold prices edged higher at the beginning of the week amidst rising open interest, which is indicative that further upside still has legs to go. Against this, the next significant target lines up at the 200-day SMA around $1,850 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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