$XAU bullish, the DOWN pressed on 4h is old debt, and the market’s funds have already moved first—on the spot order book, the buy-wall thickness is 7.06 times that of the sell wall, the bid-ask spread is pinned at 0.0002%: locked tight. Below 4622 is the long positions’ stronghold. The futures contract actively placed buy orders and consumed 71.3%, with volume rising to nearly 60% within 7 hours; open interest adding and increasing is up 3.18%, with the fee rate flat at the 0 line. The money is抢筹, not watching. Enter at 4622; targets 4810/4960/5110; stop-loss 4437.