Gold Futures: Room for extra gains near-term

Pablo Piovano FXStreet

Traders increased their open interest positions by nearly 7.2K contracts at the beginning of the week, resuming the uptrend following Friday’s pullback according to flash data from CME Group. Volume, instead, dropped for the second session in a row, this time by around 5.8K contracts.

Gold still looks to $2,000/oz

Gold prices started the week on a positive footing. Monday’s gains were accompanied by rising open interest, allowing for the continuation of this trend, at least in the very near-term. That said, Gold keeps targeting the $2,000 mark per ounce for the time being.

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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