By Walter Pehowich,
CME reports Gold open interest yesterday up 15,744 contracts, a significant increase to 451,702. December saw the largest increase up 13,444 with a total for the future month 308,396 open contracts. The exchange also reported 15,877 EFPs posted for gold.
For those who love the technical aspect of trading futures, December closed above the 200-day moving average at 1178, the first time since May 18th.
This level has perked up the interest of the average Gold trader on the street, taking on a long position hoping this market will get some traction at these levels.
Everyone now with their eyes on the $1,200 level. Talks of no interest rate increase for the foreseeable future has fueled the price of Gold.
Have a wonderful Thursday
Walter Pehowich is the executive vice president of precious metals investment services for Dillon Gage with over 38 years of experience in precious metals investment services. His career began in 1977 at Bache (which evolved to Prudential-Bache Securities and then Jefferies Investment Bank). While at Jefferies, he served as senior vice president with oversight of investment grade precious metal products. Pehowich holds a National Futures Association (NFA) Series 3 license, authorizing him to advise and sell alternative investments in commodities and futures markets.