Traders added around 5.2K contracts to their open interest positions in gold futures markets on Monday, clinching the third consecutive build in light of advanced prints from CME Group. On the other hand, volume extended the choppy performance and shrank by around 10.8K contracts.
Gold approaches $1,800, targets the 200-day SMA
Gold prices extended the recovery from last week’s lows near $1,680 on Monday. The uptick was amidst rising open interest, adding extra support to the idea that further gains remain on the cards in the very near term. That said, the immediate target emerges at the $1,800 mark per ounce troy ahead of the 200-day SMA, today around $1,812.