The price of gold rose the highest this week above the $1300 per ounce mark. It spiked on last thursday, buoyed by a delayed reaction to the Federal Reserve dovish tone towards monetary policy and bubbling tensions in Iraq.
Comex gold analysts said judging by the final open interest data from Thursday’s trade, total open interest in gold rose about 6,000 contracts, which suggests a combination of short covering and new buying entered the market. Silver saw open interest rise nearly 1,900 contracts. Open interest is the number of tradable positions left in the market at the end of the session. (Kitco news)
This view is also supported by analysis based on technical charts: gold prices appear to have more upside.
Comex gold analysts said judging by the final open interest data from Thursday’s trade, total open interest in gold rose about 6,000 contracts, which suggests a combination of short covering and new buying entered the market. Silver saw open interest rise nearly 1,900 contracts. Open interest is the number of tradable positions left in the market at the end of the session. (Kitco news)
This view is also supported by analysis based on technical charts: gold prices appear to have more upside.
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