Gold Futures: Recovery poised to advance further

Pablo Piovano FXStreet

Open interest in god futures markets increased by around 1.9K contracts and reversed six consecutive daily pullbacks on Monday, according to flash data from CME Group. In the other direction, volume resumed the downtrend and shrunk by around 32.5K contracts.

Gold now looks to $1,860

Prices of the ounce troy of gold met decent support in the $1,760 region so far. The rebound from that level managed to regain the key $1,800 mark per ounce and now looks to re-visit recent tops in the $1,860 zone on the back of Monday’s rising open interest.

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.

EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.