Gold Futures: Further rebound likely

Pablo Piovano FXStreet

Open interest in gold futures markets rose by just 203 contracts on Friday, considering flash data from CME Group. On the opposite direction, volume extended the choppy activity and shrunk by nearly 51K contracts.

Gold now re-targets $1,900 and beyond

Gold prices rebounded from 3-week lows and closed the session with decent gains on Friday. The corrective bounce was on the back of a small gain in open interest, leaving the door open for the continuation of the recovery at least in the very near-term. That said, recent tops beyond the $1,900 mark per ounce troy now emerge as the next resistance of relevance.

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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