Gold: dealers are short gamma — moves get amplified, not dampeneGoldTVC:GOLDSYNC-AND-TRADEIn BTC, dealers dampen moves on the longer horizon. In gold, it is the other way around. Levels are computed from GLD options (SPDR Gold Shares, ~$200B of open interest) and converted to the XAU price. Price (4,166) is below the gamma flip both for this week (4,220) and across all expiries (4,193). In this zone dealers hedge by buying into rallies and selling into drops: moves accelerate instead of fading. • Put support and the largest strike: 4,152. Below it, the amplification is at its strongest. • Near call wall: 4,207; the major wall: 4,371. • Above 4,220 the regime flips to dampening. Gold IV is 19% — half of BTC's. Puts are priced above calls: the market is hedging the downside. This is not an entry signal. It explains why a move in gold can be sharper than usual: the brake sits in a different place than in BTC. Positions as of the previous US session close; price as of Oct 1, 2026, 07:41 UTC.