Gold Futures: Further upside likely

Pablo Piovano FXStreet

Open interest in Gold futures markets increased by around 3.3K contracts on Monday, reversing two consecutive pullbacks in light of flash data from CME Group. Volume, in the same line, rose by almost 8K contracts, also following two drops in a row.

Gold faces the next hurdle at $1,920 area

Prices of the yellow metal posted decent gains at the beginning of the week. The price action was on the back of increasing open interest and volume, leaving the door open for extra gains in the very near-term. That said, the Fibo level (of the June-August rally) around $1,920 per ounce of gold emerges as the next up barrier.

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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