Gold Futures: Further upside stays on the cards

Pablo Piovano FXStreet

Traders increased their open interest positions by just 178 contracts on Monday following two daily pullbacks in a row, according to flash figures from CME Group. On the other hand, volume shrunk for the second session in a row, this time by nearly 7.1K contracts.

Gold faces the next hurdle at $1,933/oz

Prices of the ounce troy of gold might extend the weekly upside momentum following Monday’s uptick in tandem with rising open interest. That said, the next hurdle of note is seen at the monthly peaks at $1,922 per ounce (October 12).

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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