Traders added around 7.5K contracts to their open interest positions in gold futures markets on Monday, reversing two consecutive daily pullbacks, considering flash data from CME Group. Volume, on the other hand, dropped for the second straight session, now by around 86.7K contracts.
Gold still targets $1,900 and beyond
Monday’s uptick in gold prices was amidst rising open interest, indicative that the bounce off Friday’s low has still some legs to go. That said, the next target of relevance emerges at the so far monthly tops above the $1,900 mark per ounce troy (June 1).
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