Gold and silver whales possibly moving in sync~ Last night, after a short-term rebound in XAU and XAG, a major player placed limit orders to short and suppress prices. 1⃣ Let’s look at XAU first: - 19:52: Opened a short at $4,391.81 for $7.7865M; - 22:26: Opened another short at $4,387.07 for $7.7865M; - 22:46: Closed the short at $4,398.91 for $8.2595M; - 03:45: Closed another short at $4,373.28 for $7.6033M; - 06:01: Opened a long at $4,380.22 for $5.3432M. The short at 22:26 and the close at 22:46 were only 20 minutes apart, likely forming a matched trade. The price didn’t drop as expected but instead rebounded to $4,398.91, prompting the major player to exit quickly. The high-level short at 19:52 seems to correspond to the low-level cover at 03:45: the short-side whale took profits at $4,373.28. Then, the long-side whale entered at $4,380.22, pushing the price up to $4,420. The path of the major player is clear: High-level short to drive prices down → Low-level cover to remove selling pressure → New long positions to continue the momentum. Marginal capital flow has shifted from selling to buying. 2⃣ XAG’s major trades show a rhythm highly similar to XAU: - 20:13: Major player opened a short at $65.37 for $8.0771M; - 03:45: Closed the short at $64.75 for $7.7246M, after which the price stopped falling and rebounded. The high-level shorts in XAU and XAG were only 21 minutes apart, with nominal sizes both around $8M. Both also saw similar-sized short covers at 03:45. The behavior strongly suggests the same whale or a coordinated cross-precious-metals strategy, with synchronized positions and exits. Currently, both XAU and XAG have reclaimed the zones where the major shorts were opened. The downward pressure from the shorts has been largely absorbed. As long as $4,390 for XAU and $65.3 for XAG hold on a retest, this rebound still has support.