#Strategy加仓BTC The recent slight fluctuations in gold are not a sign of a lack of momentum, but rather a "holding back" moment as bulls and bears are testing each other. There's no need to feel anxious about the tug-of-war within the range, nor to panic after a few failed attempts to bottom out. Investing is all about patience; use stop-losses to protect yourself. Behind every precise position build-up, there’s an understanding and persistence through volatility.

The US dollar index continues to fluctuate upward today, reaching a nearly six-week high. The expectation that the Federal Reserve will delay interest rate cuts is becoming more certain. The 10-year US Treasury yield is oscillating higher around 4.1635%, and the 2-year Treasury yield has increased by 5 basis points. Rising bond yields directly raise the opportunity cost of holding precious metals, putting real pressure on gold prices.

That said, the long-term logic for gold remains solid. The global central bank gold-buying spree continues to heat up — the net purchase of 1,200 tons of gold by central banks worldwide in 2025, a 35% year-over-year increase, is enough to illustrate the point. In the first two weeks of January 2026, central banks have already purchased over 50 tons, setting a historical record for the same period. Major buyers like China and India continue to add positions, forming structural support for demand in precious metals.

From a technical perspective, the hourly Bollinger Bands are tightening, with the upper, middle, and lower bands nearly aligned horizontally. The volatility range is gradually shrinking, indicating that the short-term market has little desire to stir up trouble, and prices are being tightly confined. Gold prices have mostly been consolidating below the middle Bollinger Band, with multiple attempts to touch the middle band failing. During rebounds, trading volume continues to decline, showing that bears lack the momentum to push down with volume. The 4590 level has been tested multiple times but remains solid, with no signs of breaking down. This clear stalemate pattern is already established.

For trading strategies, consider lightly entering long positions within the 4585-4590 range. If the price retraces to around 4570-4575, you can gradually add to your positions to strengthen your defense. Place stop-loss orders below 4565. The target above is around 4630-4640. If that level is broken, look further toward the 4650 round number. The bullish space for $XAU remains promising.