Gold Futures: Room for further recovery

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted traders added around 5.7K contracts to their open interest positions after two consecutive daily pullbacks on Wednesday. Volume followed suit and went up by around 41.2K contracts

Gold faces interim hurdle around $1930

Gold prices extended its rebound and managed to close above the $1900 mark per troy ounce, surpassing at the same time the key 200-day SMA, on Wednesday. The daily was amidst increasing open interest and volume and is indicative that further gains appears on the cards for the yellow metal in the very near term. That said, bullion faces an interim hurdle at the 55-day SMA at $1933.

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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