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$XAUT so exaggerated, it may still rise, but I personally think it needs a cycle and acceptance time. I went to a gold store in China today, and there are basically no purchasing customers. The salespeople prefer prices in a suitable range. Originally, I hoped for better business during the Spring Festival, but the result is even worse. With high gold prices, it's understandable that the largest consumer country for physical demand, China, is like this. Currently, capital is overheating in investment, and it will eventually pull back to a reasonable range. Small position short, Spot has already halved to 4520 #XAUT .
① The largest gold consumer, China, has already seen a situation where there is a price but no market, with no customers for Spot.
② Chinese "Da Ma" have already started to dump gold at stores, and many small gold shops are no longer accepting Spot due to fear of catching a falling knife from high prices, with gold bought years ago at 200-400 per gram.
③ Capital profit-taking is about to begin.