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Investors Increase their Positions in Gold

3/30/2023 11:57 AM

The XAU/USD pair continues its active upward correction, which has already broken the annual high of February, 2, around 1960.0.

The growth of quotations began after reports of bankruptcy of American and European banking giants Silicon Valley Bank and Credit Suisse AG. Investors were wary of the official authorities' rhetoric about the stability of national financial systems, believing that they could not withstand real pressure factors, such as faster inflation and high interest rates, even taking into account the endless emission of liquidity, and began to actively redirect their capital to the assets of the metal group. Against this background, the volume of positions in gold has increased sharply since the beginning of March, and according to the Chicago Mercantile Exchange (CME Group), on March 13, it reached its historical peak of 731,397K contracts, having increased from 155,434K contracts on March 7. Now, the period of increased investment activity in the metal continues, and trading volumes are still kept at high levels. Yesterday, the futures position was 241.374K contracts, and the option position was 45.371K contracts, supporting the positions of the XAU/USD pair.

On the daily chart, the trading instrument broke the key high of February 2 at 1960.0 and continues a new uptrend.

Technical indicators strengthen the buy signal: fast EMAs on the Alligator indicator move away from the signal line, expanding the range of fluctuations, and the AO histogram forms rising bars in the buying zone.

Resistance levels: 2010.0, 2100.0. | Support levels: 1933.0, 1856.0.

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