$XAU 4254, and it’s been pulled back up again—from 4064 to here, it’s almost up five points.
But the order book bid side still has the same old stuff: 15 lots versus 141 lots—almost ten times the difference. The kind that gets smashed and goes straight through. Earlier at 4064 they said the bid side was thin; later, someone did catch a wave. But now it’s back to the same old situation again.
The open interest has risen a lot—up more than a dozen points in a bit over 7 hours. Money is coming in. But the whale accounts are down by nearly 20%, and active trading is also shrinking; in those 7 hours, they cut positions by more than 20%. When price rises, there are fewer and fewer people, the chasers are more, and the holders are fewer. This combination is something I really don’t understand.
Funding fees are currently 0. Those chasing longs aren’t in a hurry to pay, but nobody feels like they should pay either. Both sides are watching and don’t dare to really push hard.
The price is in place, but the participation isn’t. Earlier, at 4175 they said the same thing; now at 4254 they’re saying the same thing again. At this level, chasing longs has only mediocre value—wait for a pullback and then reassess.
#xau $XAU
But the order book bid side still has the same old stuff: 15 lots versus 141 lots—almost ten times the difference. The kind that gets smashed and goes straight through. Earlier at 4064 they said the bid side was thin; later, someone did catch a wave. But now it’s back to the same old situation again.
The open interest has risen a lot—up more than a dozen points in a bit over 7 hours. Money is coming in. But the whale accounts are down by nearly 20%, and active trading is also shrinking; in those 7 hours, they cut positions by more than 20%. When price rises, there are fewer and fewer people, the chasers are more, and the holders are fewer. This combination is something I really don’t understand.
Funding fees are currently 0. Those chasing longs aren’t in a hurry to pay, but nobody feels like they should pay either. Both sides are watching and don’t dare to really push hard.
The price is in place, but the participation isn’t. Earlier, at 4175 they said the same thing; now at 4254 they’re saying the same thing again. At this level, chasing longs has only mediocre value—wait for a pullback and then reassess.
#xau $XAU