$XAU has broken the level! The high at 4629 has been falling all the way down to 4451. The current price is 4465, and it still can’t get back above the dual moving averages even after 15 minutes. In the spot market’s order book, the buy side is 71.6 lots pressing against the sell side of 46.4 lots— the buy wall is 1.5x thick—but it took one day to catch the falling knife and no order was able to stop it—static limit orders can’t rescue a breakdown. On the futures side, active sell orders are 63%, open positions increased by 12% over the day, and the shorts are adding to their positions. Go short at 4465. First target: 4285. Second target: 4130. Stop loss: 4645.