Gold prices are at a pivotal point as the precious metal hovers just below the $3,300/oz mark. Recent technical action saw gold experience a sharp pullback, breaking out of a long-standing triangle pattern and dropping to its lowest level in over a month. This move was underscored by July’s “shooting star” candlestick formation, which suggests a momentum shift as sellers overtook buyers near recent highs.

Despite this bearish monthly signal, gold found solid support around the 100-day moving average, near $3,270/oz. This technical level prompted a rebound, and traders are now closely watching to see if gold can achieve a decisive daily close above $3,300/oz. A move above this mark could signal renewed bullish momentum, opening the way for a push toward resistance levels at $3,322, $3,341, and potentially $3,350/oz.

Conversely, failure to sustain above $3,300 may expose the metal to further downside, with support levels at $3,243, $3,200, and the key $3,121 region—the lowest level since gold’s record high in April. Market uncertainty is compounded by mixed signals from recent U.S. economic data and divergent expectations for Federal Reserve interest rate moves. While weaker-than-expected labor data could support gold by pressuring the U.S. dollar and Treasury yields, a less dovish Fed or diminishing geopolitical risks might cap gains.

Looking ahead, the ISM Services PMI report coming up this week could be a key catalyst. Traders will be watching its release for clues on the health of the U.S. economy and how it might influence Fed policy, dollar direction, and ultimately, gold’s path forward. For now, gold remains in a technical “no man’s land” as it waits for confirmation of its next major move.