Gold Futures: Extra gains in store near term

Pablo Piovano FXStreet

CME Group’s flash data for gold futures markets noted traders increased their open interest positions for the third session in a row on Monday, this time by more than 8K contracts. Volume, instead, shrank for the second straight session, now by around 23.7K contracts.

Gold now targets the 100-day SMA

Prices of the troy ounce of gold extended the rebound from last week’s lows in the sub-$1900 region at the beginning of the week. The decent advance was on the back of rising open interest, which is indicative that further upside remains on the table for the time being. In the meantime, extra gains should meet temporary resistance at the 100-day SMA, today at $1945.

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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