Gold London open: tight pre-market, 3,860.0-3,893.3 box
London open (3:00 AM ET · 08:00 UTC): A setup. The hour before the open was 3.83 wide, under 75% of the usual 13.64. The opening range was 3,878.9-3,880.5; price closed below it at 3:37 AM ET (08:37 UTC) and back through its middle at 4:02 AM ET (09:02 UTC).
Gold trades at 3,879.1, between a ceiling at 3,893.3 and a floor at 3,860.0. The day has used 25% of its average range so far.
Ceiling 3,893.3: the daily pivot and the TP1 and MAE levels from the 09:00 open.
Floor 3,860.0: a large resting order wall, a liquidation cluster and the S1 pivot.
Above 3,893.3 the next level is 3,926.4 (yesterday's high and the TP3 level from the 09:00 open). Below 3,860.0 the map points to 3,834.4 (the S2 pivot and the TP3 level from the 09:00 open).
Context: 15m down, 1h down, 4h down, daily down; funding 0.005% per 8h; long/short accounts 0.65; more shorts than longs on the liquidation map (112M vs 72M).
What changes the map: a 15m close back above the 09:00 open at 3,879.6, or the 3,860.0 wall being pulled instead of filled.
