Core Viewpoint - The recent hawkish stance of the Federal Reserve has led to a reassessment of the interest rate cut timeline, boosting demand for the US dollar and putting pressure on gold prices, which are currently trading below $3,290 [1][2]. Economic Indicators - The US dollar index has risen for the seventh consecutive day, reaching a new high since late May, further diminishing gold's appeal [2]. - The June PCE price index in the US increased to 2.6% year-on-year, with the core index stable at 2.8%, exceeding market expectations and reinforcing the view of persistent inflation [2]. - The upcoming US non-farm payroll report is expected to show an increase of 110,000 jobs in July, down from 147,000 in June, with the unemployment rate projected to rise from 4.1% to 4.2% [2]. Market Sentiment - President Trump's recent executive order imposing tariffs of 10% to 41% on imports from several trade partners, including Asian countries, has heightened global trade concerns and increased market risk aversion, providing some support for gold prices [2]. - If non-farm employment numbers exceed 100,000, it may indicate a robust labor market, allowing the Federal Reserve to prioritize inflation control, which would support the dollar [2]. Technical Analysis - Gold prices have shown a downward trend, with expectations of further declines towards $3,200 or $3,000, despite not breaking below the mid-line support [4]. - A significant resistance area exists around the 21-day and 50-day moving averages near $3,340, and gold must break through the psychological level of $3,300 for any recovery attempts [5]. - If gold closes below the critical support level of $3,270 per ounce, a new downward trend may emerge, potentially leading to a drop towards the June 30 low of $3,248 per ounce [4].