Gold Futures: Still room for further upside

Pablo Piovano FXStreet

Open interest and volume in Gold futures markets shrunk by around 11.7K contracts and by nearly 114.5K contracts, respectively, on Thursday, according to preliminary readings from CME Group.

Gold remains focused on the $2,000 level

Thursday’s negative price action in the precious metal was accompanied by shrinking open interest and volume, hinting at the probability that deeper/lasting pullbacks look marginal at least in the very near-term. With that in mind, Gold is still targeting a move to the psychological $2,000 mark per once in the sort-term horizon.

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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