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
$1.11 |
Change
0.020(1.83%) |
Mkt cap ! $2.660B |
Open | High | Low | Value | Volume |
$1.11 | $1.12 | $1.10 | $7.681M | 6.927M |
Buyers (Bids)
No. | Vol. | Price($) |
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2 | 19649 | $1.11 |
Sellers (Offers)
Price($) | Vol. | No. |
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$1.12 | 123154 | 7 |
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No. | Vol. | Price($) |
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18 | 342511 | 1.105 |
17 | 259045 | 1.100 |
6 | 157377 | 1.095 |
20 | 176078 | 1.090 |
12 | 160674 | 1.085 |
Price($) | Vol. | No. |
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1.115 | 46632 | 4 |
1.120 | 469167 | 17 |
1.125 | 211459 | 11 |
1.130 | 263646 | 8 |
1.135 | 7669 | 3 |
Last trade - 16.10pm 06/06/2024 (20 minute delay) ? |
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Change
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