XAU/EUR slides toward 3489 as trend stays aligned down

Gold priced in euros is in a clean, uninterrupted downtrend, and the tape shows no sign of rotation.

XAU/EUR shed 0.55% on the day, trading a range of 3507.04 to 3550.08, with every intraday rally fading well below the daily open. The weekly print is deeper still, with price down nearly 2.75% over seven sessions and a string of prior support levels left behind — 3665.87, 3681.30 and 3615.85 all broken in the recent sequence, consolidating the bear case.

The setup is as clean as a trend-follower needs. Price sits below EMA20 at 3562.84, EMA50 at 3615.85 and EMA200 at 3786.54, with all three sloping lower in a descending stack. Trend is aligned down across 1H, 4H and 1D simultaneously. RSI has drifted toward the lower end of its range without being stretched enough to trigger a meaningful mean-reversion bid, and volatility remains elevated, which argues for continuation rather than a squeeze reversal. The sole structural support remaining on the chart sits at 3489.51; a daily close through that level clears the way for further downside.

We lean short and sell rallies into the 3523–3562 entry zone where price action is likely to encounter fresh offer. A daily close above EMA50 at 3615.85 invalidates the bearish thesis and forces a reassessment.