Gold Futures: Still room for extra gains

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted investors added around 14.6K contracts to their open interest positions on Monday, reaching the sixth consecutive daily build. Volume, instead, reversed two daily builds in a row and shrank by around 12.3K contracts.

Gold: On its way to $1,900

Gold clinched new 2022 highs past the $1,870 mark at the beginning of the week. The leg higher was amidst rising open interest, which remains supportive of potential further upside in the very near term. Against that, the immediate hurdle emerges at the $1,900 mark 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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