GOLD - Long squeeze at 4650. Gold within a flat pattern

May 11

XAUUSD has been correcting toward the liquidity zone of 4660–4646 since the start of the session. The price is forming a trading range for a possible consolidation. At the same time, there is a long squeeze relative to strong support. But there’s always a “but”...

Breakthrough in negotiations: Developments surrounding the Middle East talks are moving slowly but steadily. The market is reacting, and the dollar currently looks weak relative to the 98.0–97.5 support zone. A further decline in the index will support the metal.
The geopolitical situation remains tense; any misstep could trigger a sharp market reaction. Oil remains relatively expensive, fueling inflation fears and putting pressure on gold.
Gold is stuck between a geopolitical stalemate (supported by oil and the dollar) and anticipation of key CPI inflation data (Tuesday). Gold may remain within the 460–4750 range

Resistance levels: 4679, 4723, 4764
Support levels: 4660, 4646

A long squeeze at support could shift the balance of power toward buyers, especially given the previously broken bearish (local) structure. If the bulls hold the price above 4660–4650, this could become a technical driver for growth toward 4723–4764–4830

Best regards, R. Linda!

May 11

Trade active

May 12

Trade closed: target reached