Gold Futures: Still room for a move higher

Traders added around 1.4K contracts to their open interest positions and reversed two consecutive daily pullbacks on Friday following preliminary prints from CME Group. ON the other hand, volume retreated for the fourth consecutive session, this time by around 69.3K contracts.

Gold met strong support near $1,450/oz

Prices of the ounce troy of gold briefly surpassed the key 200-day SMA on Friday, closing just below the $1,500 mark. Rising open interest allows for the continuation of the recovery, although the persistent downtrend in volume play against this scenario in the near term.