Gold Breakdown Risk Builds !!!GoldOANDA:XAUUSDMMFlowTradingGold remains under pressure as the U.S. dollar and Treasury yields stay firm, while higher oil prices are reviving inflation concerns. Reuters reported gold was heading for roughly a 3% weekly drop, with Brent crude up sharply and markets increasingly worried that energy-driven inflation could keep rates higher for longer. That macro backdrop still matters for gold. A recent Reuters poll showed economists have pushed expectations for Fed rate cuts back toward late 2026 because war-related inflation risks are keeping the inflation outlook elevated. That is not a friendly environment for gold in the short term. From the H1 chart, the main structure is still bearish. Price remains capped below the descending trendline, and the current rebound looks more like a technical bounce than a confirmed reversal. The key resistance sits near 4,712, while 4,668 is the immediate support zone. If that floor gives way, the next downside areas are 4,644 and then the deeper liquidity zone around 4,597. Trading plan for today: If price rebounds but fails below 4,712 → gold may rotate back toward 4,668 If 4,668 breaks clearly → downside may extend toward 4,644 and 4,597 If price reclaims 4,712 and holds above it → the rebound becomes more credible, but for now that is still the secondary scenario MMFLOW view: This chart still favors bearish continuation. Any rebound, for now, looks more like a retest into resistance than a true recovery. With the macro backdrop still leaning toward stronger USD, firmer yields, and inflation pressure from oil, gold needs to reclaim nearby resistance before a stronger bounce can be trusted. Bias today: Bearish while below 4,712