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Gold Futures: Room for Further Advance

Preliminary data from the CME Group for gold futures markets noted that traders added just 781 contracts to their open interest positions on Monday, reversing the earlier marginal decline. Volume, on the other hand, fell for the second consecutive session, this time by almost 4,000 contracts.

Gold: The next resistance is at $1,765

The price of gold extended the rally from earlier in the week, briefly testing the $1,735 level, only to give back part of that gain later in the session. The daily rally came amid a small rise in open interest, which could allow the rebound to continue in the very short term. However, the decline in volume could slow the pace of the recovery. The yellow metal should face the next hurdle at the weekly high of $1,765 per troy ounce (August 25).

Prayed

Source: Fx Street

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