Gold Futures: Extra upside still on the table
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Open interest in gold futures markets increased for the second session in a row on Wednesday, this time by around 4.7K contracts according to preliminary readings from CME Group. Volume, instead, resumed the downtrend and shrank by nearly 5K contracts.
Gold prices extended the rebound on Wednesday amidst increasing open interest, leaving the door open to the continuation of this move in the very near term. That said, the immediate up barrier now emerges at the 55-day SMA at $1860 per ounce troy.
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