$XAU 4700 Push-down leverage blocked the route—4 hours of big bearish momentum from 4685 down to 4623; the 20/50 moving-average dual lines are pressing overhead. The rebound is already pointless. On the futures side, it’s even more blatant: in 7 hours, open interest surged by 24.6%. The harder the price falls, the heavier the positions. The shorts are stockpiling supplies, and the longs are waiting to catch the falling knife. In this round, whoever tries to bottom-fish will be the one standing guard.