Gold Confirms a New Low as Clem Chambers Warns the Worst isn’t ‘Impossible’
Gold (XAU) confirmed a fresh lower low on June 11, extending a downtrend that began at its $5,598 record. Market intelligence expert Clem Chambers warns the metal may keep falling like a spent rocket.
The metal trades near $4,324, little changed on the day, after a US-Iran peace deal eased geopolitical tensions that powered its parabolic run. The technical picture now points lower across multiple timeframes.
Clem Chambers Sees a Rocket Coming Down Like a Rock
Chambers, a member of the BeInCrypto Market Intelligence Experts Council, frames the slide as a textbook parabolic unwind. He argues the rally rested on geopolitics and sanctions, drivers that are now fading fast.
His recently published long-term chart shows the vertical climb toward $5,500 and the sharp rollover that followed. An arrow labeled “Not impossible” points to further downside.
In an exclusive comment for BeInCrypto, Chambers notes silver ran further and faster as retail traders chased the quicker move. Still, he stresses his caution targets parabolic charts, not gold and its long-term value.
“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 structure stays firmly bearish. Gold has carved lower highs and lower lows since the January 29 record at $5,598.
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 lost important support at the 0.618 Fibonacci near $4,376.
That broken level now sits as resistance. It also lines up with the descending trendline that has capped every rally since the all-time high. The Relative Strength Index (RSI) reads 44 and is bouncing from oversold territory.
The level near $4,044 marks the floor bulls must defend. A break there opens the door to the $3,621 extension. A daily close back above $4,376 would weaken the bearish case.
4-Hour Chart Flags a Bearish Channel Retest
The 4-hour chart confirms the trend and shows a breakdown from a descending parallel channel. That break projected a target just below $4,000, almost reached by the June 11 low.
A sharp V-shaped recovery has since carried XAU back to the channel’s lower band. Price is now about to test the midline, which overlaps with the 0.618 Fibonacci resistance.
The Moving Average Convergence Divergence (MACD) is close to a bearish cross. A clean rejection here would favor continuation, while a reclaim of $4,376 would put the bearish thesis on hold.
Traders now watch whether the recovery stalls at the midline or pushes through. The next few sessions should settle the question for the metal.
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