Gold Futures: Room for further gains

Pablo Piovano FXStreet

Open interest in gold futures markets rose by nearly 9K contracts on Friday and reversed two consecutive daily pullbacks considering flash data from CME Group. In the same line, volume went up by almost 75K contracts, also following two daily drops in a row.

Gold faces further upside above $1,830

Prices of the yellow metal closed Friday’s session with decent gains and amidst increasing open interest and volume. Against that, gold needs to clear the tough resistance in the $1,830 region per ounce troy to allow for the continuation of the recovery in the very near term.

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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Gold trims gains, slips back to around $5,170

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