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
$1.10 |
Change
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Mkt cap ! $2.550B |
Open | High | Low | Value | Volume |
$1.10 | $1.12 | $1.10 | $12.36M | 11.18M |
Buyers (Bids)
No. | Vol. | Price($) |
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2 | 149985 | $1.10 |
Sellers (Offers)
Price($) | Vol. | No. |
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$1.11 | 25433 | 3 |
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26 | 380774 | 1.090 |
11 | 173435 | 1.085 |
19 | 206874 | 1.080 |
5 | 136822 | 1.075 |
Price($) | Vol. | No. |
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1.105 | 12317 | 1 |
1.110 | 72589 | 4 |
1.115 | 42317 | 2 |
1.120 | 144387 | 6 |
1.125 | 14031 | 2 |
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