Gold prices have recently slipped toward the $3,350 per ounce level, reflecting a period of uncertainty as traders react to both technical factors and macroeconomic data. After a prolonged bullish streak, July ended with gold closing lower, signaling a shift in momentum. This marks the first bearish monthly close for gold since December 2024, indicating that sellers are beginning to gain more control in the market.

From a technical perspective, gold has broken below a key triangle pattern on daily charts, triggering a notable decline of about 1.55% in a single session—its weakest daily close in over a month. However, the metal found support around its 100-day moving average near $3,270, preventing a deeper slide for now. To reignite upward momentum, bulls need to reclaim and hold above the crucial $3,300 mark on a daily closing basis. Further resistance lies at $3,322, $3,341, and $3,350.

Downside risks remain if gold fails to hold above its current support. A decisive break below the 100-day moving average could open the way for additional declines, targeting levels such as $3,243, $3,200, and even $3,121—the lowest since the record highs set in April.

Meanwhile, sentiment analysis shows a majority of traders remain net-long on gold, a scenario that historically precedes further price corrections as markets often move in the opposite direction of crowded trades. On the macro front, weaker US jobs data has the potential to limit gold’s downside, as softer economic numbers tend to support safe-haven assets. Nonetheless, traders should watch for sustained moves above or below current thresholds to gauge gold’s next major trend.