Gold Short Squeeze Enters Phase 2: $4500 Key Resistance

The notable shift here is structural rather than directional: Chinese capital is doing the heavy lifting, squeezing shorts and pulling Western active longs back in, which broadens the buyer base beyond a single regional flow. Goldman's preference for call spreads and digital KO structures signals that desks want upside exposure without paying for it outright — a sign of caution even within the bullish camp. Whether the squeeze matures into a genuine trend or stalls at $4500 is the open question, and it hinges on whether Western participation keeps pace once forced covering fades.