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.
[ATTACH] Price did test that resistance from my previous...
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Last
$1.17 |
Change
-0.015(1.27%) |
Mkt cap ! $2.701B | |||
| Open | High | Low | Value | Volume |
| $1.18 | $1.20 | $1.17 | $23.59M | 20.14M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 9 | 106354 | $1.17 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.17 | 956281 | 6 |
View Market Depth
| Last trade - 16.10pm 17/05/2024 (20 minute delay) ? |
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Last
$1.17 |
Change
-0.015 ( 0.80 %) |
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| Open | High | Low | Volume | ||
| $1.18 | $1.20 | $1.17 | 6245928 | ||
| Last updated 15.59pm 17/05/2024 ? | |||||
| DEG (ASX) Chart |