Gold Futures: Further recovery seems likely

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted traders added just 835 contracts to their open interest positions on Friday, partially reversing the previous daily pullback. Volume, instead, kept the erratic performance well in place and shrank by around 8.8K contracts.

Gold: Next on the upside comes $1953

Gold prices rose to multi-day highs past $1920 and reclaimed the key area above the 200-day SMA on Friday. The move was amidst a small uptick in open interest, which suggests that extra gains could be on the cards in the very near term. The next upside target emerges at the so far September high at $1953 per troy ounce (September 1).

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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