12.23 XAU Evening
The XAU price has been fluctuating around the range of 4497-4469 during the day, maintaining an overall consolidation within the recent upward trend, without any effective breakout.
From the hourly Bollinger Bands perspective, the upper band is flattening, indicating a slowdown in the short-term upward momentum, with signs of resistance; the lower band and middle band are diverging upwards, forming dynamic support near the middle band, and the overall direction of the Bollinger Bands opening has not reversed, remaining in a bullish trend's correction structure.
The price has gradually retreated from near the upper band and is currently operating between the middle band and the upper band. After breaking away from the upper band, it has not fallen below the middle band support, indicating that the bullish support is still present; the retreat is a technical correction rather than a trend reversal.
The upward slope of the lower band and middle band confirms that the short-term bullish trend has not been broken. The flattening of the upper band only represents a temporary slowdown in the upward momentum, and the overall technical outlook remains bullish.
(Enter at 4470, add at 4458, defend at 4445, target 4500-4520)
Personal opinion, not an investment recommendation.
