Gold Futures: Room for further recovery

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted traders added just 812 contracts to their open interest positions at the end of last week, adding to the previous daily build. Volume, instead, dropped for the third consecutive session, this time by around 1.4K contracts.

Gold: Interim hurdle comes at the 55-day SMA

Friday’s continuation of the recovery in gold prices was in tandem with a small uptick in open interest, which indicates that extra rebound could still be in store for the yellow metal in the very near term. That said, the next up barrier of note comes at the 55-day SMA, today at $1855 per ounce troy.

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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