$XAU soaring high then falling back is a churn not a dump—4531; after spiking up and then pulling back to 4500, the swing-trading chart shape hasn’t broken. In the spot order book, the top-20 buy orders outweigh the sell orders by 4.3x; the funds used for underpinning haven’t been reduced. For the futures, open interest is topped up in one day with 28% new positions, while active buying accounts for 58.6% and is pressing down to hit the sell orders. The fee rate is basically at 0, so chasing long has a lower cost. I short-slam back to 4480 to go long, set stop-loss at 4290, and targets are 4690 / 4840 / 4990.