$XAU As shown in the figure
1. Core Logic: Short-term Adjustments Do Not Alter the Long-term Bull Market Foundation
• Long-term Pillar Stability: Continuous gold purchases by global central banks (2025 Q4 purchase amount ranks second in history), accelerated de-dollarization, and increased holdings by stablecoin issuers support the return of gold’s monetary attributes.
• Nature of Short-term Fluctuations: Technical overbought corrections + deleveraging + algorithmic trading sell-offs are not indicative of a macroeconomic reversal.
• Cycle Positioning: Currently in a healthy consolidation p