November 14, 2023 8:40 AM

XAU (Gold) Futures: Possibility of further near-term recovery

XAU (Gold) Futures: Possibility of further near-term recovery

According to preliminary data from CME Group, open interest in XAU (Gold) futures markets increased by over 9.4K contracts on Monday, continuing its erratic behavior. Conversely, volume decreased by about 60K contracts and reversed two consecutive daily increases.

Gold is still backed by the 200-day SMA

Gold prices posted a respectable recovery on Monday, the first day of the new trading week, amid increasing open interest. This could pave the way for the trend to continue in the near future. Meanwhile, the 200-day SMA is still holding the downside for the moment.

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