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Opportunities for additional profits are available in Gold Futures.
Gold futures present opportunities for additional profits, supported by rising open interest and trading volume. Open interest increased for the second consecutive session, indicating growing market participation, while trading volume saw an uptick after recent declines. Wednesday witnessed a significant increase in gold prices, driven by higher open interest and trading volume, suggesting potential for further upward movement. Attention is drawn to the July highs around the $1980 per troy ounce range as the next significant level to watch. Traders should remain vigilant and monitor price action closely for potential profit opportunities.
Blog written by: Glow Node
technical analysis
Open interest in the gold futures markets rose for the second consecutive session on Wednesday, with preliminary data from CME Group indicating an increase of approximately 7.2K contracts.
Additionally, trading volume also saw an uptick, climbing by around 110.6K contracts after two consecutive days of declines.
On Wednesday, gold prices saw a significant increase, driven by higher open interest and trading volume. This suggests the potential for more upward movement in the near future for the precious metal.
However, it’s worth noting that the next significant level to watch is the July highs, which are located around the $1980 per troy ounce range.
