Gold is falling like this, and everyone seems curious—isn't the geopolitical situation escalating? How is it still falling like this?

The reason is quite simple: from 2025 until now, gold has the most floating gains (excluding liquidation losses).

If today you have floating gains in gold, but all other international markets are falling with floating losses, or even leveraged positions about to liquidate? What would you do? You'd sell the position with the most floating gains, and use those funds to add to the positions with floating losses that are about to blow up. In the end, it comes down to whether a liquidity crisis emerges. If you're lucky and you don't get liquidated, it's about rallying then reducing positions.

So right now it's hard to say how low gold will fall, but you can reference the time cycle of the 3/12 liquidity crisis back then.

If the US really faces a crisis, especially a simultaneous stock and bond crash, there's no avoiding money printing afterward, or USD debt restructuring. Eventually it will still go up. But how much lower this gold drop goes is hard to say. Build a logic of batch buying—in extreme cases, even piercing through the left-side 3,900 oscillation zone and coming back is not out of the question.