Controlled Descent: Gold Slides Under Pressure as Sellers Regain Initiative

Gold concluded the final full week of June on the back foot, closing near $3,270 after an orderly but persistent selloff that reflected sustained downward pressure, weakening structure, and a conspicuous absence of dip-buying appetite. Despite brief midweek reprieve, the overall tone remained bearish, with price respecting a well-defined descending trendline and ultimately capitulating through prior support.

The week began with gold attempting to stabilise above the $3,310–$3,320 region, which had previously acted as minor support. However, attempts to lift through resistance at $3,340–$3,350 were repeatedly thwarted by a downward-sloping trendline that anchored price since the June 19th peak. Each rally faded sooner and with less force, suggesting buyers were either fatigued or strategically withdrawing.

By midweek, the market delivered its verdict. After a brief rotation higher on Wednesday, gold failed once more at the trendline and reversed sharply. Thursday and Friday brought about sustained selling pressure, as price decisively broke below the $3,300–$3,310 shelf—turning former support into resistance. The resulting slide was clean and uninterrupted, with gold falling as low as $3,265 by week's end.

Technically, the structure has now degraded into a clear downtrend. Price sits beneath all major moving averages, each of which has curled lower, and the clean rejections from the 200- and 100-hour MAs further affirm the prevailing bearish control. Notably, each lower high was met with increasing momentum on the way down—a classic signal of trend acceptance rather than exhaustion.

From a macro lens, the selloff was driven less by panic and more by repricing. The US dollar remained firm throughout the week, buoyed by resilient data and hawkish tones from Fed officials. Yields ticked higher across the curve, eroding the non-yielding appeal of gold, while equity markets found stability—siphoning capital away from defensive assets.

Still, the move remains orderly, not disorderly. Volatility was contained, and the selloff lacked the emotional spike typically associated with forced liquidation. This leaves the door open to a technical rebound, but only if price can reclaim the $3,300–$3,310 zone convincingly. Otherwise, the next logical magnet for price lies near $3,253, a structurally relevant area from late May.

For now, gold remains trapped beneath resistance, and sellers retain initiative. Until the chart can reclaim structure, every bounce is a potential fade.