Gold Futures: Room for extra gains near-term

Pablo Piovano FXStreet

Open interest in gold futures markets rose by nearly 8K contracts on Wednesday following two consecutive daily pullbacks according to flash figures from CME Group. On the other hand, volume extended the choppy activity and went down by more than 96K contracts.

Gold looks to re-test the $1,900 barrier

Wednesday’s strong advance in gold prices finds support in the uptick in open interest, leaving the door open for the continuation of this trend in the very near-term. That said, the $1,900 mark per ounce emerges as the next target of significance.

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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