XAU/USD slides toward 4023 as bearish trend gathers weight

Gold is pressing fresh weekly lows and the structure favours the sellers, with nothing in the tape to argue otherwise.

XAU/USD dropped close to 1% on the day, printing a session low of 4170.84 against a high of 4246.67, and extends a weekly decline already running at more than 3.5%. The move is not noise. Prior resistance levels at 4353.25, 4363.33 and 4475.71 have all been broken to the downside over the last seven sessions, and each has since acted as supply.

The trend-following read is straightforward. Price trades below EMA20 at 4194.20, EMA50 at 4295.95, and EMA200 at 4521.34, with the full EMA stack stacked against the bulls. Trend alignment is mixed across timeframes, with the daily leg already turned lower and the shorter frames drifting in the same direction. RSI sits in neutral territory without any bullish divergence to lean on, and volatility is elevated, which tends to amplify the path of least resistance rather than fade it. With no news catalyst to disrupt the momentum, the drift lower looks well-supported structurally.

We lean short and look for a test of the 4023.73 support shelf. A daily close back above EMA20 at 4194.20 invalidates the directional bias and signals a stand-down.