XAU/EUR slides toward 3607 as trend stack stays aligned down

Gold priced in euros is bouncing, but the tape is not turning — and for a trend-following desk, that distinction matters.

XAU/EUR added 1.56% on the session, trading inside a 3610.03 to 3677.38 range. There is no headline catalyst driving the bid; the intraday strength reads as a technical squeeze off the day's low rather than a structural shift in flow. Prior levels at 3665.87, 3754.22 and 3760.97 have all been surrendered over the past week, and the weekly print remains negative.

The setup favours fading this bounce. Price is pressing against resistance at 3665.87 while EMA20 sits just above at 3667.85 and EMA50 at 3692.46 — a congested supply zone. The broader EMA200 at 3838.97 underscores how far the trend has deteriorated from peak levels. Trend is aligned down across every timeframe, RSI is drifting toward oversold territory without yet triggering a reversal signal, and volatility is elevated, consistent with a trending rather than ranging regime. Momentum argues for continuation, not recovery.

We lean short and sell rallies into 3665–3667, targeting the 3607.19 support level next. A daily close above EMA50 at 3692.46 invalidates the call and forces a reassessment of the downtrend structure.