Gold Futures: Room for extra upside
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CME Group’s flash data for gold futures markets noted traders increased their open interest positions by around 5.6K contracts on Thursday, reaching the third consecutive daily build. Volume, instead, shrank for the second straight session, this time by around 44.3K contracts.
The weekly uptrend in gold prices seem to have taken a breather on Thursday. Indeed, the inconclusive price action was on the back of a marked pullback in volume and rising open interest. Against that, the continuation of the underlying upside bias looks favoured in the near term with the immediate hurdle at the 55-day SMA around $1860 per ounce troy.
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