Traders added nearly 8K contracts to their open interest positions in gold futures markets at the beginning of the week, according to preliminary readings from CME Group. Volume, instead, extended the downtrend and dropped by around 21.3K contracts.
Gold still targets the $1,880 mark
Monday’s positive price action in gold was amidst rising open interest, which remains supportive of extra gains in the very near-term. Against this, the precious metal still targets the 100-day SMA in the $1,880 level per ounce in the short-term horizon.