#XAU The words "gradual decline" may fool retail traders, but they can't fool the derivatives market — the active long/short ratio is already close to 2x; this isn't a pullback, it's bears handing chips to bulls. Active buy orders in futures account for 63%, and buy volume growth over the past seven hours is nearly doubling, yet the funding rate hasn't risen at all — bulls are firing on all cylinders, and they haven't even paid the leverage toll. Large accounts are nearly 70% long and still adding positions; the tighter the supply of chips gets, the fewer those shorting can do except talk tough.