XAU (pegged to gold) saw a large buy order, but the downtrend hasn’t stopped?! This morning, a 2,290.64 XAU long position to close shorts appeared on Binance XAU/USDT perpetual contracts, worth $9.964 million. A large short position exited, meaning some selling pressure has been absorbed, but XAU hasn’t reversed yet. Currently, XAU is testing $4,340–$4,320. This range overlaps with the 4-hour EMA55 and the 23.6% Fibonacci retracement level, making it the first key zone to determine whether a short-term recovery can continue. - If it holds, there’s potential to reclaim $4,355, with the next target at $4,400; - If it breaks down, it indicates the long position to close shorts failed to shift the pricing direction. In that case, focus on $4,270, which aligns with the upper boundary of the past month’s value area, the 4-hour EMA89, and the 38.2% Fibonacci retracement level. #XAU #Gold