Gold futures had a strong day on March 11, rising for the third consecutive session and managing to close at their highest value for the month at the end of trading.
April gold futures finished the day 0.1 percent higher at $1,578 per ounce on the Comex division of the New York Mercantile Exchange, according to Bloomberg.
MarketWatch reports that the contract fluctuated between $1,574.50 and $1,582.50 during the day. Data provided by market research firm FactSet reveals that the closing value for the contract was the highest settlement price for a most-active contract since February 28.
Mark O'Byrne, a director at GoldCore, told the news source that the losses that the metal has made recently may be nearing an end, and the commodity may be poised to rise in value.
"Sentiment is very bad with loud pronouncements of the end of gold's bull market from various banks and [Commitments of Traders] data showing a significant reduction in net longs positions on the Comex," he told the media outlet. "From a contrarian perspective, these are conditions which are normally associated with market bottoms."
If you want access to free, quality futures trading education, TradingPub gives you the opportunity to interact with some of the top traders and investors in the industry.