Gold Futures: Further upside on the cards

Pablo Piovano FXStreet

Open interest in Gold futures markets rose for the fourth consecutive session on Friday, this time by around 23.7K contracts according to flash data from CME Group. Volume, in the same line, increased for the second straight session, now by almost 33.4K contracts.

Gold now targets $1,765/oz

Gold extended the recovery on Friday amidst rising open interest and volume, therefore opening the door to the continuation of the move up to, initially, the 2020 highs in the $1,760/65 band per ounce in the near-term.

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.

EUR/USD looks weak below 1.1800

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GBP/USD threatens the 200-day SMA near 1.3440

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Gold trims gains, slips back to around $5,170

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