$XAU Gold at 4610 has been distributing profit and hitting the board—spot has a twenty-level sell pressure that’s nearly three times the buy side; large-lot funds net inflow is zero on the books. This order book is basically nobody’s taking it. In the 4-hour chart there are four bearish candles against two bullish ones; on the daily the candle closes bearish, and price is squatting just below the 4631 high—it can’t break up. Contract open interest drained by 17.5% in a single day; the long side’s leverage has been completely cleared out. Any bounce up is just leftover heat from short-covering. Short entry: at the current price 4610. First target 4425, second target 4290. Stop loss 4795. If you can’t touch 4631 gold, then you can only look for a floor below 4425.