XAU/EUR slides under 3641 as downtrend stays fully aligned

Gold in euro terms is in a clean, uninterrupted downtrend, and every structural level that could have slowed it is now behind us.

The pair is off 1.23% on the day and traded a range of 3689.73 to 3613.755, extending a weekly decline that now exceeds 5%. Prior supports at 3777.76, 3879.18 and the levels beyond have been cleared in succession, leaving no obvious technical floor from recent price history.

The setup is as clean as a trend-follower's tape gets. Trend is aligned down across 1H, 4H and 1D simultaneously, RSI is deeply in oversold territory, and volatility is elevated, amplifying each leg lower. Price sits well beneath EMA20 at 3740.37, EMA50 at 3794.38957 and EMA200 at 3903.47205, with the full EMA stack inverted and acting as layered resistance overhead. The first resistance shelf above spot is 3769.18, followed by 3777.76. There is no news catalyst to arrest the selling, and positioning flows continue to press the downside. When a trend runs this cleanly without a counter-catalyst, the momentum desk fades relief bounces rather than chases reversals.

We sell rallies into the 3740–3769 zone, leaning against EMA20 and the resistance cluster. A daily close above 3769.18 invalidates the short and signals the market is ready to range rather than trend.