Gold Futures: Rally remains intact for the time being
|CME Group’s flash data for gold futures markets noted traders reduced their open interest positions by nearly 14K contracts on Monday. Volume, on the other hand, increased for the second session in a row, this time by around 152.2K contracts.
Gold targets the next up-barrier at $2150
Gold prices rose to a new all-time high around $2150 per troy ounce at the beginning of the week, although it ended the session with a marked retracement. The downtick, however, was accompanied by shrinking open interest, leaving the door open to the continuation of the ongoing uptrend. That said, the immediate hurdle emerges at the record peak of $2150 (December 4).
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