XAU/EUR slides to 3614 as full downtrend extends the selloff

Gold priced in euros is in a sustained downtrend, and nothing in the tape argues for catching this knife.

The pair is off nearly 1.9% on the session and over 5.7% on the week, printing a fresh daily low at 3614.67 against a session high of 3689.73. There are no news catalysts driving the move — this is the market expressing itself through positioning and momentum, and it is saying the same thing on every timeframe.

The setup is clean and direct. Trend is aligned down across the 1H, 4H and 1D with no divergence or indecision anywhere in the stack. Resistance sits at 3777.76, 3879.18 and 3899.19 — all former supports now flipped — while EMA20 at 3752.73 and EMA50 at 3801.39 hang well above price, ensuring any rally runs straight into overhead supply. RSI is deep in oversold territory, which in a trend-following framework signals momentum confirmation rather than reversal — oversold can stay oversold when trend alignment is this clean. Volatility is elevated and ATR is running wide, consistent with impulsive directional flow and demanding respect in stop placement.

We lean short and sell any bounce into the 3617–3689 congestion zone. A daily close back above EMA20 at 3752.73 invalidates the bearish thesis and forces a full reassessment of the setup.