Traders added nearly 9.2K contracts to their open interest positions in gold futures markets on Thursday, reaching the third consecutive build according to preliminary data from CME Group. Volume, instead, prolonged the choppy activity and shrunk by around 17.5K contracts.
Gold seen testing YTD lows around $1,750/oz
Rising open interest amidst positive price action in the ounce troy of gold opens the door to the continuation of the bullish move with the initial target at the 2020 highs around $1,750 in the near-term.
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