XAU/EUR downtrend intact as price fades below 3777 resistance

XAU/EUR is grinding lower beneath a stacked bearish EMA structure, and every attempted bounce is being sold into.

Gold in euro terms trades near 3764.35, posting a modest intraday gain of 0.29% but within a daily range of 3740.66 to 3768.88 that tells the real story: sellers are defending overhead supply and allowing no sustained recovery. The one-week drawdown of over 2.2% keeps the broader momentum firmly negative.

The setup is as clean as downtrends get. Price sits below EMA20 at 3784.00, EMA50 at 3822.23 and EMA200 at 3913.19, with each average layered above as resistance and confirming the trend stack is fully aligned lower. Trend alignment is unanimously bearish across 1H, 4H and 1D timeframes, and RSI sits in neutral-to-soft territory, giving bears room to push before any meaningful oversold condition emerges. Volatility is elevated, consistent with trending conditions rather than range consolidation. The 3777.76 resistance level has been tested and capped; prior levels broken on the way down are now acting as supply. Support at 3702.73 is the next structural target if selling pressure resumes.

We sell rallies into the 3777–3784 zone where resistance and EMA20 converge. A daily close above EMA50 at 3822.23 invalidates the thesis and signals a potential trend reversal worth respecting.