Gold Futures: Room for extra gains near-term

Pablo Piovano FXStreet

According to advanced data for Gold futures markets from CME Group noted traders increased their open interest positions for the fifth consecutive session, this time by around 9.5K contracts on Wednesday. Volume, in the same line, rose for the third straight session, now by more than 40K contracts.

Gold now looks to $1,992/oz

Prices of the yellow metal keep trading above the key barrier at $1,900 per ounce. Wednesday’s uptick in Gold was amidst rising open interest and volume, leaving the door open for the continuation of the uptrend, at least in the very near-term. That said. September’s high at $1,992/oz emerges as the next target of relevance.

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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