GOLD - A short squeeze before the drop. Interest in 4435Gold vs US DollarICMARKETS:XAUUSDRLindaXAUUSD rolls back after a short squeeze at the daily level and closes the weekly session below 4,500. Fundamental factors, a rising dollar, and oil prices are putting pressure on the metal... The geopolitical situation continues to escalate. The situation is complex; the West is trying to convince the public that there will be no ground operation in the Middle East, but all actual actions point to a protracted war. The dollar and oil may continue to rise in the medium term. Against this backdrop, inflation continues to accelerate, and no rate cuts are planned for this year. Gold is under pressure. Technically, gold is trading within the 4600–4320 range. A retest of resistance failed to reach the upper end of the range and bounced lower, closing below 4500. It is important to observe market reaction during the Asian session, as there was significant activity and rumors over the weekend. In the current situation, gold cannot act as a hedge asset. Resistance levels: 4544, 4601 Support levels: 4492, 4432, 4351 Focus on the upper levels: 4544–4600. A retest of the liquidity zone is possible. A false breakout and a price hold below the level would be a good signal for a decline. However, there is 4492.5 below—an important support level. A close below this zone could intensify the sell-off. As a target, I would highlight the 4435 zone of interest and the range support. Best regards, R. Linda!