Gold Futures: Green light of extra gains

Pablo Piovano FXStreet

Traders added around 7.5K contracts to their open interest positions in gold futures markets on Monday, reversing two consecutive daily pullbacks, considering flash data from CME Group. Volume, on the other hand, dropped for the second straight session, now by around 86.7K contracts.

Gold still targets $1,900 and beyond

Monday’s uptick in gold prices was amidst rising open interest, indicative that the bounce off Friday’s low has still some legs to go. That said, the next target of relevance emerges at the so far monthly tops above the $1,900 mark per ounce troy (June 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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