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Abstract:Open interest in gold futures markets increased by around 35.5K contracts on Monday
Gold Futures: Scope for extra gains
Open interest in gold futures markets increased by around 35.5K contracts on Monday, resuming the uptrend after Fridays pullback an all according to preliminary data from CME Group. In the same line, volume went up by nearly 54K contracts after three consecutive daily drops.
Gold remains capped by the $1,850 region
Prices of gold recorded decent gains on Monday amidst increasing open interest and volume, which is indicative that further gains could be in the pipeline in the very near term. That said, the next significant hurdle for the precious metal remains at recent peaks around $1,850.
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Wednesday's major data releases and macroeconomic events are expected to cause volatility to increase after another day of erratic trading in the financial markets. The Spring Budget for the UK will be released, and January Retail Sales figures for January will be made available by Eurostat. ADP Employment Change for February and January JOLTS Job Openings will be discussed later in the session on the US economic docket.
Major currency pairings are still trading in familiar ranges early on Tuesday after the erratic trading on Monday. The US economic docket for the American session will include the factory orders data for January and the ISM Services PMI survey for February. Final updates to the February PMI for the US, Germany, the UK, and the EU will also be released by S&P.