Gold Futures: Further gains look likely

Pablo Piovano FXStreet

In light of preliminary figures for Gold futures markets from CME Group, traders increased their open interest positions for the fifth consecutive session on Monday, this time by around 6.2K contracts. Volume, in the same line, advanced for the third session in a row, now by around 44.7K contracts.

Gold keeps pushing higher

Prices of the ounce troy of Gold tested the area of 2020 highs near $1,765 at the beginning of the week, although closing the session below it afterwards. Rising open interest and volume in combination with higher prices open the door to the continuation of the uptrend at least in the short-term horizon.

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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