Core Insights - Gold prices are at a three-week low, hovering near $3300, as the dollar remains strong ahead of the Federal Reserve's meeting minutes [1][2] - Market expectations for aggressive rate cuts by the Federal Reserve have diminished, with a current 85% probability of a rate cut in September, down from 91% a week prior [2] - The upcoming speech by Fed Chairman Jerome Powell at the Jackson Hole Economic Symposium is highly anticipated, as it may provide insights into the Fed's future policy direction [3] Market Dynamics - The dollar's strength is attributed to expectations that Powell will counter aggressive rate cut bets during his speech [2] - Weak U.S. labor and consumer inflation data have led to market predictions of two rate cuts this year, with the first expected in September [2] - Recent strong U.S. housing data has also contributed to the dollar's rise, alongside geopolitical developments regarding Ukraine [2] Technical Analysis - The daily chart indicates a bearish crossover, with the 21-day simple moving average (SMA) closing below the 50-day SMA [4] - The 14-day relative strength index (RSI) is currently at 43.50, suggesting further downside potential for gold prices [4] - Key support levels for gold are at $3311 (100-day SMA) and $3274 (July 31 low), with a psychological level at $3250 [5] Price Targets - Resistance is noted around $3346, where the 21-day SMA and 50-day SMA converge [5] - The next bullish targets are the previous week's high of $3375 and the $3400 psychological level [5]