Gold Futures: Room for further gains near term
Open interest in gold futures markets rose by just 843 contracts after six consecutive daily advances at the beginning of the week, according to preliminary readings from CME Group. Volume, instead, remained choppy and went down by more than 12K contracts, partially reversing the previous daily build.
Gold: Initial hurdle emerges around $1950
Monday’s uptick in prices of gold was amidst increasing open interest, which suggests that the continuation of the recovery seems likely in the very near term. Against that, there is an interim hurdle at the 55-day SMA around $1930 ahead of the so far September high at $1953 per troy ounce.