XAU/EUR slides under 3665 as downtrend holds all timeframes

Gold priced in euros is grinding lower with nothing in the tape to argue against the prevailing bear trend.

The pair shed 1.37% on the day and carved out a session range of 3676.54 to 3607.40. There is no macro news catalyst in the window, but price action alone is doing the work — prior levels at 3665.87, 3754.22 and 3760.97 have all been surrendered over the past week, and the tape has not reclaimed a single one.

The structure could not be cleaner for a trend-following desk. XAU/EUR trades well below EMA20 at 3698.02, EMA50 at 3708.06, and EMA200 at 3847.65, with every moving average stacked bearishly overhead. Trend is aligned down across 1H, 4H and 1D — there is no timeframe dissent. RSI is drifting lower without yet reaching oversold extremes, which typically means the move still has room before a counter-trend squeeze becomes a live risk. Volatility is elevated, consistent with a trending regime rather than a ranging one, and that backdrop favours staying short over fading the move. The nearest resistance at 3665.87 now acts as supply, and the only meaningful structural support left on the chart sits at 3490.86.

We lean short and sell any rally into the 3621–3665 zone. A 4h close above 3665.87 invalidates the call; absent that, the trend argues for continuation toward 3490.86.