$XAU is printing an absorption footprint near $4,000 - 2.9x the local book in a single band.
Funding is +0.0098%, so longs are paying to hold; open interest is +1.25% in the last hour and +8.12% over four; and bids hold 51% of visible depth. 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.
Which side is trapped here - the leveraged crowd paying funding, or the passive size absorbing them?
๐ $XAU ยท #Gold #Macro #Orderbook #BinanceSquare
Related: $XAG $BTC
Data: Binance USD-M futures (funding, open interest, orderbook depth, taker flow)
Funding is +0.0098%, so longs are paying to hold; open interest is +1.25% in the last hour and +8.12% over four; and bids hold 51% of visible depth. 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.
Which side is trapped here - the leveraged crowd paying funding, or the passive size absorbing them?
๐ $XAU ยท #Gold #Macro #Orderbook #BinanceSquare
Related: $XAG $BTC
Data: Binance USD-M futures (funding, open interest, orderbook depth, taker flow)
