Gold Futures: Rally seems unabated

Pablo Piovano FXStreet

Open interest in gold futures markets rose for the second session in a row on Friday, this time by around 17.4K contracts according to flash data from CME Group. In the same line, volume went up by around 57.8K contracts, reversing the previous daily drop.

Gold remains focused on $2,000

Friday’s strong gains in prices of gold were on the back of rising open interest and volume, indicative that the continuation of the rally looks well and sound for the time being. Against that, the precious metal is expected to accelerate gains on a breakout of the key $2,000 mark per ounce troy.

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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