Gold Futures: Scope for extra gains

Pablo Piovano FXStreet

In light of flash data from CME Group for Gold futures markets, traders added around 6.1K contracts to their open interest positions on Thursday, reaching the second build in a row. Volume, instead, shrunk by more than 192K contracts, reversing the previous build.

Gold faces the next target at $1,900

Thursday’s continuation of the rally in gold prices was amidst rising open interest, which remains supportive of extra gains to, initially, the $1,900 mark per ounce troy, where is located a minor hurdle at a Fibo retracement of the January-March drop.

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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