Source: PaxForex Premium Analytics Portal, Technical Insight
Investors injected into stocks while withdrawing money from gold and bonds in the week ended March 10, BofA data showed Friday. The BofA weekly report showed investors invested $31.5 billion in stocks, while $1.8 billion was withdrawn from gold and $15.4 billion from bonds.
GOLD/USD, 30 min
Pivot: 1725.00
Analysis:
Provided that the price is above 1715.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1725.00
- Take Profit 1: 1740.00
- Take Profit 2: 1747.00
Alternative scenario:
In case of breakdown of the level 1715.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1715.00
- Take Profit 1: 1707.00
- Take Profit 2: 1698.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1754.00 | 1715.00 |
| 1747.00 | 1707.00 |
| 1740.00 | 1698.00 |
GOLD/USD, D1
Pivot: 1726.00
Analysis:
Provided that the price is below 1780.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1726.00
- Take Profit 1: 1670.00
- Take Profit 2: 1610.00
Alternative scenario:
In case of breakout of the level 1780.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1780.00
- Take Profit 1: 1820.00
- Take Profit 2: 1850.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1850.00 | 1670.00 |
| 1820.00 | 1610.00 |
| 1780.00 | 1570.00 |
