Gold Futures: Rally has further legs to go

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted traders increased their open interest positions by around 8.7K contracts on Thursday, reversing at the same time two consecutive daily pullbacks. Volume followed suit and went up by around 17.3K contracts after three straight daily drops.

Gold: Door open to extra gains near term

Gold prices rose markedly to new peaks past the $1930 mark per ounce troy on Thursday. The strong uptick was on the back of increasing open interest and volume and this is supportive of the continuation of the uptrend in the very near term. The next target of note, in the meantime, remains at the key $2000 mark.

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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