Gold Futures: Still scope for further gains

Pablo Piovano FXStreet

CME Group’s preliminary readings for gold futures markets noted open interest rose for the second session in a row on Friday, this time by just 731 contracts. Volume, instead, shrank by around 142.2K contracts, the largest daily drop since July 29.

Gold still targets $1,800

Gold extended the upside momentum on Thursday although a close above the $1,800 yardstick still remains elusive. Rising open interest coupled with positive price action allows for further gains in the very near term and always with the immediate target at the $1,800 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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