Gold Futures: Recovery could extend further

Pablo Piovano FXStreet

Open interest in gold futures markets reversed two consecutive daily builds and shrank by around 2.2K contracts on Wednesday, according to preliminary readings from CME Group. Volume followed suit and went down for the third session in a row, this time by nearly 42K contracts.

Gold keeps targeting the $2000 mark

Wednesday’s small decline in gold prices came on the back of shrinking open interest and volume, indicating that further losses seem unlikely and favouring the continuation of the uptrend instead. That said, the next target of note for the precious metal 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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