On Monday, traders added more than 14,000 contracts to their open interest positions in the gold futures markets, hitting the second consecutive rally, according to preliminary data from the CME Group. Volume followed suit and resumed growth by about 29.5 thousand contracts.
Gold targets $ 1,800
Gold prices started the week on a good basis, closing just below the key barrier at $ 1,800 per troy ounce. This move was triggered by an increase in open interest and volume, which indicates the likelihood of further growth in the near future. The key hurdle in the $ 1,800 area is also exacerbated by the 100-day SMA, which stands at $ 1,796 today.