Gold Futures: Scope for extra advance
Traders increased their open interest positions for the second session in a row on Friday, this time by around 9.5K contracts considering preliminary readings from CME Group. Volume, instead, shrunk for the second consecutive day, now by around 45.3K contracts.
Gold faces interim hurdle around $1,880
Gold prices extended the upside momentum on Friday amidst rising open interest, which is indicative of further gains in the very near-term. That said, a sustainable breakout of the 200-day SMA ($1,846) should sustain the continuation of the uptrend, with the next minor resistance around $1,880 per ounce troy (tops seen in late January).
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