12.4 XAU Trading Viewpoint

The large-scale upward trend of XAU has not changed, and it is currently in a consolidation adjustment period—prices are maintaining a fluctuating upward structure, with core support not broken and no clear trend reversal signals.

The essence of the pullback is a short-term washout by the main force, with the core logic being to digest short-term profit-taking, corresponding only to a phase of weakening short-term bullish momentum, not a loosening of trend fundamentals.

No need for excessive interpretation; the momentum before the trend continuation is just being accumulated, and the focus is on tracking the effectiveness of key support levels.

Trading suggestion: Long around 4205-4210, target at 4250, 4270.