Gold (XAU), that shiny rascal folks love to hoard under mattresses, went and confirmed a fresh lower low on June 11-slipping down the price ladder like a greased pig at a county fair. Market sage Clem Chambers warns it may keep falling, and he says it with the calm certainty of a man watching a rocket sputter out mid‑sky.
The metal now lounges near $4,324, barely twitching, after a US‑Iran peace deal cooled the geopolitical stew that had previously boiled it sky‑high. The charts, meanwhile, are pointing downward with all the enthusiasm of a preacher pointing out sin.
Clem Chambers Sees a Rocket Coming Down Like a Rock
Chambers, a member of the BeInCrypto Market Intelligence Experts Council, calls the whole thing a classic parabolic unwind-like watching a firework that forgot it was supposed to go up. He figures the rally was built on geopolitics and sanctions, and now that those are fading, so is gold’s swagger.
His long-term chart shows gold shooting toward $5,500 like it had someplace important to be, only to roll over faster than a hound dog begging for belly scratches. An arrow labeled “Not impossible” points to even lower prices, which is about as comforting as a doctor saying, “This might sting a little.”
The Gold crash is go.
– Clem Chambers (@ClemChambers) June 16, 2026
In a comment for BeInCrypto, Chambers notes silver ran even harder, thanks to retail traders chasing the faster horse-because nothing says “sound strategy” like sprinting after the shiniest thing. Still, he insists he’s not bearish on gold itself, just on charts that look like they’ve been drawn by a caffeinated squirrel.
“Gold went up like a rocket and now looks like it’s doing what rocket charts usually do: come down like a rock. Gold’s move was about geopolitics and sanctions. As those pressures ease, the demand story that drove gold higher eases with it. Silver ran further and faster than gold because retail investors always prefer the faster horse. I’m not bearish on gold long term, I’m bearish on parabolic charts.”
Daily Chart Confirms Gold’s New Lower Low
The daily chart is about as cheerful as a rainy Sunday. Gold has been carving lower highs and lower lows since its January 29 record at $5,598, like it’s digging its own tunnel to humility.
On June 11, price set a new lower low and confirmed support at the 0.786 Fibonacci level near $4,044. Along the way, it misplaced the 0.618 Fibonacci support near $4,376-probably left it in its other pants.
That broken level now acts as resistance, teaming up with a descending trendline that has smacked down every rally since the all‑time high. The RSI sits at 44, bouncing from oversold territory like a tired mule trying to look lively.
The $4,044 level is the line bulls must defend. Lose that, and the $3,621 extension opens up like a trapdoor. A daily close back above $4,376 would at least give the bears something to grumble about.
4-Hour Chart Flags a Bearish Channel Retest
The 4‑hour chart shows a breakdown from a descending parallel channel-think of it as gold slipping out the back door of a saloon. That break projected a target just below $4,000, nearly tagged by the June 11 low.
A sharp V‑shaped recovery has since hauled XAU back to the channel’s lower band. Price now approaches the midline, which overlaps with the 0.618 Fibonacci resistance-because nothing says “fun” like multiple obstacles stacked together.
The MACD is flirting with a bearish cross. A rejection here would keep the downtrend marching along, while reclaiming $4,376 would put the bearish thesis on pause-like a storyteller catching his breath before the next twist.
Traders now wait to see whether the recovery fizzles at the midline or barrels through. Either way, the next few sessions should settle the matter, or at least give everyone something new to argue about.
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2026-06-17 22:46