Gold Futures: Room for extra upside
- 11th June 2020
- Posted by: Hakeem
- Category: FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS, TECHNICAL ANALYSIS
Open interest in Gold futures markets rose for the second session in a row on Wednesday, this time by nearly 5.2K contracts according to preliminary figures from CME Group. volume, in the same direction, rose by around 16.5K contracts, adding to the previous build.
Gold could re-test the 2020 highs
Prices of the ounce troy of the previous metal extended the upside to the $1,740 level on Wednesday, losing some momentum afterwards. Rising open interest and volume coupled with positive price action allows gold to continue its move up to, potentially to yearly peaks around $1,760 per ounce.