GOLD - A countertrend correction before a decline Gold vs US DollarICMARKETS:XAUUSDRLindaXAUUSD is under pressure again at the start of the week. A counter-trend retest of the 4555–4600 range is forming amid a strong dollar and rising oil prices. The conflict in the Middle East is escalating, and threats to global trade are mounting. Iran is preparing for a possible U.S. ground invasion of Kharg Island. With the risk of the Bab el-Mandeb Strait being blocked by Yemeni Houthis, such a blockade would further boost the dollar and oil prices, exerting enormous pressure on markets and driving up inflation. As the war expands to new fronts (the Red Sea, Lebanon) and the Fed shows no rush to ease policy, gold will remain under pressure. The bearish trend persists, with a key trigger at 4600 Resistance levels: 4550, 4600, 4735 Support levels: 4487, 4416, 4350 Technically, if bears hold the resistance of the current range, gold may remain within it and head toward the liquidity zone formed at 4416. I do not rule out the possibility of a rally to 4735 as part of market manipulation before a stronger decline. Best regards, R. Linda!