Price did test that resistance from my previous anticipation. Unfortunately, the wick suggests it was just an attempt to take out the trader's bear stops most likely as a squeeze to make fresh short bets. If you flip into the 1H chart, you will see the volume spike at that key resistance level. Technically, the odds favor a test of the lower TL but nothing is set in stone.
Monthly chart to see where price extension could reach. It was asking a bit too much for the extension to keep going past the resistance. Perhaps the futures is taking a breather or a top has formed like the 2011 rally. The difference is that this time around it wasn't that explosive exponential rally like 2011. Instead, there were 3.5 years of sideway-ish price action before that quadruple top broke.
I would be watching the US equities indices as a gauge of where gold is heading, including Bitcoin. Not sure if the risk-off is temporary but another key player is oil futures, a very rough measure of the inflationary impact on economies. With the uncertainties in the ME especially, anything is possible.
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Last
$1.25 |
Change
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Mkt cap ! $2.304B |
Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
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21 | 204620 | $1.24 |
Sellers (Offers)
Price($) | Vol. | No. |
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2 | 16128 | 1.235 |
13 | 93012 | 1.230 |
4 | 42228 | 1.225 |
7 | 30897 | 1.220 |
Price($) | Vol. | No. |
---|---|---|
1.250 | 6128 | 1 |
1.255 | 5918 | 1 |
1.260 | 14128 | 2 |
1.265 | 18128 | 2 |
1.270 | 18687 | 2 |
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