Gold Futures: Still room for extra gains

Pablo Piovano FXStreet

Open interest in Gold futures markets reversed the previous day drop and increased by nearly 1.1K contracts on Wednesday in light of preliminary figures from CME Group. On the opposite direction, volume shrunk by nearly 58.5K contracts after two consecutive daily builds.

Gold remains capped by $1,800

Gold prices edged higher on Wednesday and gradually approaches the key $1,800 level. The move was sustained by rising open interest, indicative that the continuation of the uptrend remains in place in the very near-term. That said, the $1,800 mark per ounce troy stays as the next key barrier for gold-bulls.

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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