Gold Futures: Rebound could extend further

Pablo Piovano FXStreet

Open interest in gold futures markets increased by around 3.2K contracts following the previous daily drop on Monday, according to preliminary readings from CME Group. Volume followed suit and kept the erratic performance, this time rising by more than 63K contracts.

Gold: Next on the upside comes $2000

Monday’s bounce in gold prices off the $1965 level was accompanied by rising open interest and volume and suggests that further recovery appears in store for the yello metal in the very near term. That said, the next up-barrier remains at the key $2000 mark per troy ounce.

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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