Gold (XAU) confirmed a fresh lower low on June 11, extending a downtrend that began after its record high of $5,598. The metal trades near $4,324, little changed on the day, as a US-Iran peace deal eased geopolitical tensions that fueled its parabolic run. Market intelligence expert Clem Chambers warns that gold may continue falling like a spent rocket, attributing the rally to geopolitical and sanctions-related drivers that are now fading. His long-term chart shows a sharp rollover from the vertical climb, with an arrow pointing to further downside. The daily chart remains bearish, with lower highs and lower lows since January 29. Key support at the 0.786 Fibonacci level near $4,044 was confirmed on June 11, while resistance sits at the broken 0.618 Fibonacci near $4,376, which aligns with a descending trendline. The Relative Strength Index reads 44, bouncing from oversold territory. On the 4-hour chart, a breakdown from a descending parallel channel has been followed by a sharp V-shaped recovery, now testing the channel's lower band and midline. A rejection at the midline could favor further declines, while a reclaim of $4,376 would weaken the bearish case.

Key facts

• Gold hit a fresh lower low on June 11, extending downtrend from $5,598 record.
• US-Iran peace deal eases geopolitic tensions that drove parabolic rally.
• Analyst Clem Chambers warns gold may fall 'like a rock' as rocket chart unwinds.
• Key support at $4,044 (0.786 Fibonacci) held; resistance at $4,376 (0.618 Fibonacci).
• 4-hour chart shows V-shaped recovery testing midline of broken descending channel.