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).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD extends gains after upbeat Private Sector Credit
The Australian Dollar (AUD) extends its gains on the second successive day on Friday. The AUD/USD pair recovers from recent losses, primarily supported by a correction in the US Dollar (USD) due to a pullback in US Treasury yields.
EUR/USD weekly forecast: Optimism not enough to take the US Dollar down
The EUR/USD plummeted to 1.0487 on Wednesday, its lowest since early March, as investors continued to seek refuge in the US Dollar. Financial markets were in risk-averse mode following central banks’ monetary policy decisions from earlier in September.
Gold price weekly forecast: Technicals turn bearish ahead of key events Premium
Despite holding resilient in the face of a hawkish Federal Reserve outlook in the previous week, Gold price suffered heavy amid broad-based US Dollar strength and surging US Treasury bond yields. XAU/USD staged a modest rebound on Friday but ended up losing more than 2% for the week.
DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle
Polkadot price seems to be ending its downtrend after shedding 92.91% in the last two years from its all-time high of $55.09. In the last three days, DOT has inflated by 3.3%, breaching a declining trendline and confirming the potential start of an uptrend.
Week ahead – Dollar shines ahead of Nonfarm Payrolls
Dollar cruises higher, nonfarm payrolls on Friday will be crucial for this rally. Early indicators point to another solid month for the US labor market. Central bank decisions in Australia and New Zealand will also be in focus.