GOLD FUTURES: DOOR OPEN TO EXTRA GAIN
According to the latest updates from CME Group on gold futures markets, there has been a notable surge in open interest, which rose by approximately 11.2K contracts on Thursday, reversing the two consecutive daily declines. Furthermore, volume has also experienced a similar increase, going up by around 33.4K contracts after a streak of three consecutive daily drops.
To sustain further upward momentum, it is imperative that gold prices close above the critical $2000 mark per ounce troy. Fortunately, on Thursday, gold prices continued their rebound and once again surpassed this key level, albeit closing below it. This positive movement can be attributed to the surge in both open interest and volume, indicating a positive outlook for the yellow metal in the near future.
To sustain further upward momentum, it is imperative that gold prices close above the critical $2000 mark per ounce troy. Fortunately, on Thursday, gold prices continued their rebound and once again surpassed this key level, albeit closing below it. This positive movement can be attributed to the surge in both open interest and volume, indicating a positive outlook for the yellow metal in the near future.
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