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Gold Futures: Still room for a move higher

Traders reversed nine consecutive daily pullbacks and added nearly 2.1K contracts to their open interest positions in Gold futures markets on Thursday, as per advanced data from CME Group. Volume, instead, shrunk for the second day in a row, this time by around 86.1K contracts.

Gold faces interim resistance at $1,575/oz

The ounce troy of Gold is struggling to keep the weekly recovery in place on Friday. Rising open interest amidst positive price action on Thursday allows for the continuation of the move up, which should face some resistance near $1,575, where sits a Fibo retracement of the December-January rally. The persistent drop in volume could prompt some consolidation as well as the resumption of the selling mood, at least in the near-term.

 

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