XAU/EUR slides toward 3702 as downtrend holds all timeframes

Gold in euros is grinding lower without a floor in sight, and the trend stack is giving sellers every reason to stay short.

XAU/EUR has shed more than 2.6% over the past week, printing a 3740.66 to 3756.72 range on the session with price currently hovering just above 3748. There is no material news catalyst to point to — the move is clean trend continuation, which for a momentum desk is the most tradeable kind.

The setup is unambiguous. Price trades below EMA20 at 3786.71, below EMA50 at 3824.85, and well below EMA200 at 3914.49, with the full EMA stack inverted and trend aligned down across the 1H, 4H and daily timeframes simultaneously. RSI is drifting toward oversold territory without yet flashing an extreme, leaving room for further downside before mean-reversion becomes a real threat. Volatility is elevated, consistent with a market moving with conviction rather than chopping sideways. The nearest resistance at 3777.76 acts as the first supply zone, with EMA20 at 3786.71 providing additional overhead compression. We look for any rally into the 3777–3787 zone to be sold, targeting the 3702.73 support below.

A daily close back above EMA50 at 3824.85 is the trigger to stand down. Until that level is reclaimed, we lean short and let the trend do the work.