Orderbook imbalance on $XAU: 57% of visible depth is on the bid, and price is at the bottom of its range.
Positioning first: +5.61% open interest on the hour, +2.81% over four, funding at +0.0038%. Then the book: 57% of visible depth is bids. So the bids are soaking market sells while leveraged longs keep paying funding to stay long - longs are financing the trade while bids absorb the sell flow. The book, not the last candle, is the tell here.
Which side is trapped here - the leveraged crowd paying funding, or the passive size absorbing them?
📌 $XAU · #Gold #Macro #Orderbook #BinanceSquare
Related: $XAG $BTC
Data: Binance USD-M futures (funding, open interest, orderbook depth, taker flow)
Positioning first: +5.61% open interest on the hour, +2.81% over four, funding at +0.0038%. Then the book: 57% of visible depth is bids. So the bids are soaking market sells while leveraged longs keep paying funding to stay long - longs are financing the trade while bids absorb the sell flow. The book, not the last candle, is the tell here.
Which side is trapped here - the leveraged crowd paying funding, or the passive size absorbing them?
📌 $XAU · #Gold #Macro #Orderbook #BinanceSquare
Related: $XAG $BTC
Data: Binance USD-M futures (funding, open interest, orderbook depth, taker flow)
