XAU/EUR fades 3665 resistance as bearish trend extends

Gold in euro terms is drifting under a wall of broken support turned resistance, and the trend-follower's playbook reads clearly bearish from here.

Price added a modest 0.18% on the session and tapped a 3673.47 intraday high before stalling, trading inside a 3657.83 to 3673.47 range. There is no news catalyst to anchor the bid. The grind higher into the close looks corrective rather than impulsive — a counter-trend exhale against a dominant downward structure.

The setup is defined by a series of broken levels that have flipped to resistance. Over the prior week, XAU/EUR pushed through 3754.22 and 3665.87 successively to the downside; each of those shelves now represents overhead supply. Price trades below EMA50 at 3685.96 and well below EMA200 at 3828.44, with EMA20 at 3665.44 acting as a near-term cap. The 4H and daily trends remain pointed lower, while trend alignment reads mixed, suggesting the 1H bounce carries no structural weight. RSI sits neutral, confirming the corrective rather than reversal character of the current move, and volatility remains elevated, a condition that historically favours continuation of the prevailing trend over counter-trend positions.

We lean short and sell rallies into the 3665.87 to 3685.96 supply pocket. A daily close above EMA50 at 3685.96 invalidates the bearish bias and forces a reassessment of the structure.