Gold is falling like this, and everyone seems curious - isn't this supposed to be an escalation of tensions? How can it still be falling like this?

The reason is quite simple: so far in 2025, gold has had the most unrealized gains (excluding liquidation losses).

If today you have unrealized gains in gold, but all other international markets are falling with unrealized losses, and even with leverage you're about to get liquidated - what would you do? You'd sell the position with the most unrealized gains, and use those proceeds to add to positions with unrealized losses that are about to get liquidated. In the end, it comes down to whether a liquidity crunch appears. If you're lucky and don't get liquidated, it's a bounce followed by reducing positions.

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

If the US really enters a crisis, especially with both stocks and bonds being crushed, what follows inevitably is still monetary easing and US dollar debt reset, and gold will still rise afterward - but how much this wave of gold falls is hard to say. Prepare a logic of staged accumulation; in extreme cases, even breaking through the left side 3900 consolidation zone and coming back is not out of the question.