# Intraday Analysis of International Spot Gold: Global Liquidity Taking Turns Trampling, Market Selling Gold to Fill Massive Margin Gaps in Equities and Bond Markets

During Monday's Asian trading session, international spot gold prices declined another 3%, continuing the brutal decline of over 10% from last week. As multiple key technical levels collapsed in succession, gold is facing the most severe survival test since this bull market began. Currently, gold bears are unstoppable. As Middle East tensions enter a new stage of "comprehensive escalation," the U.S. dollar and U.S. Treasury yields have simultaneously launched into frenzied buying mode, creating direct pressure on gold.

Gold is experiencing an unprecedented "double squeeze": under extreme risk conditions, the safe-haven appeal of the U.S. dollar as the ultimate global reserve currency has completely overwhelmed gold. A strong dollar makes gold priced in dollars extremely expensive for overseas investors. The escalation of conflict has once again triggered global fears of energy supply disruptions and runaway inflation, pushing up global rate hike expectations. U.S. Treasury yields have accordingly surged, imposing heavy opportunity cost pressure on gold.

Developments from the weekend through Monday left markets on edge. The Israeli Defense Forces (IDF) confirmed on Monday that they have launched a new round of "massive airstrikes" targeting Iran's critical infrastructure within Tehran. According to sources cited by the Jerusalem Post, the United States is considering launching ground military operations aimed at forcibly seizing Iran's key energy hub, Kharg Island.

Once the "tit-for-tat" dynamics among the U.S., Israel, and Iran are fully realized, it will trigger a larger-scale global market sell-off. Under such an extreme scenario, gold will face "liquidation-style selling," forcing traders to sell profitable gold positions to cover massive margin losses suffered in equities or bond markets.

(Analysis for reference only)