Gold finally cracked below $4,000 this week, leaving the metal down about 29% from its January 29, 2026 record high of $5,595. A hawkish Fed, still elevated real yields, and the slow fade of the Middle East risk premium all showed up at the same time, and gold bulls didn’t have much room to argue. Now the chart has a pretty simple job. Either a long-term structural floor holds and buyers try to steady the ship, or this selloff still has more downside work to do.