Traders added nearly 9K contracts to their open interest position in gold futures markets on Monday, reversing the previous drop, according to preliminary readings from CME Group. Volume, in the same line, went up by more than 43K contracts following five consecutive daily pullbacks.
Gold focused on $1,900
Monday’s uptick in prices of the ounce troy of gold was amidst rising open interest and volume, opening the door to the continuation of the upside momentum, at least in the very near-term. That said, the mid-November tops in the $1,900 area emerge as the next hurdle of note.