Gold prices are showing signs of vulnerability as the recent bull trend faces increased pressure. After reaching a local peak around $3,439 per ounce in late July, the market has entered a corrective phase, with prices falling back near $3,310–$3,300. This weakness has been driven primarily by a strengthening US dollar and fading demand for safe-haven assets, both of which have contributed to a hesitant outlook for the yellow metal.

Technically, gold recently broke below a key support level at $3,345, which triggered accelerated selling and highlighted the risk of further downside. The nearest demand zone now lies in the $3,300–$3,301 area, with stronger support down at $3,282. The increased volatility seen in recent sessions, as indicated by expanding Bollinger Bands, suggests that bearish momentum could persist unless gold manages to reclaim levels above $3,345.

Looking at the broader trend, recent price action bears striking similarities to historical patterns—particularly the 2011–2012 period. During that time, gold formed twin peaks before slipping into a persistent downward phase. The current market appears to be echoing this back-and-forth decline, pointing to the possibility that the latest rally may be little more than a pause in a larger corrective move.

If the price cannot regain and hold above $3,345, there is a continued risk of decline toward the $3,280–$3,300 area. Conversely, a decisive break above $3,373 could reignite upward momentum and potentially challenge resistance at $3,400 or higher.

Overall, the outlook for gold in the near term is cautious, with bearish signals dominating the charts. Traders and investors should monitor key support and resistance levels closely, as the battle between bullish hopes and growing bearish pressure continues to unfold.