XAU open interest dropped by more than 10% in a single day, shaking out the weak hands, while the price is still holding above the 20-period moving average. This low-volume pullback isn’t a collapse—it’s a coiling of the legs before a leap. Longs and shorts are evenly matched on the four-hour chart, but net change is positive; the daily candle closed bullish. The large-account long/short ratio is nearing 5, and with 73% of positions betting long—and still adding—the big players haven’t left, and their intentions are clear. If buyers step in to support the pullback, the 42xx area above is the next level to watch.