CME Group’s flash data for gold futures markets noted traders added more than 6K contracts to their open interest positions on Wednesday, extending further the ongoing uptrend. Volume followed suit and went up by nearly 43K contracts after two consecutive daily pullbacks.

Gold: Next on the upside comes $2000

Gold prices resumed the upside and revisited the $1980 region on Wednesday. The daily uptick was on the back of increasing open interest and volume, paving the way for the continuation of the uptrend in the very near term. That said, the next resistance of note emerges at the critical $2000 mark per troy ounce.