Key Bearish DriversGoldOANDA:XAUUSDArthur-BrooksKey Bearish Drivers 1. Lingering Hawkish Sentiment from Jackson Hole Keeps September Rate Hike Expectations High Federal Reserve Chair Jerome Powell signaled a hawkish stance at last week's Jackson Hole symposium, indicating that further rate hikes remain on the table given that inflation has not receded as quickly as anticipated. Market expectations for a September rate hike have risen to the 65%–66% range, while the US Dollar Index and 10-year US Treasury yields remain elevated. As a non-yielding asset, gold faces higher opportunity costs due to expectations of high interest rates; this is the primary bearish factor suppressing any price rebound. Unless rate hike expectations cool significantly, any upward bounce in gold prices is likely to face selling pressure from bears, severely limiting the scope for recovery. 2. Approaching Non-Farm Payrolls Data Deters Major Bullish Capital from "Buying the Dip" With only three trading days remaining before Friday's Non-Farm Payrolls (NFP) release, major institutional investors are largely adopting a "wait-and-see" approach to mitigate risk, showing reluctance to establish heavy long positions ahead of this critical data. In the absence of significant buying volume from large capital, gold prices struggle to sustain a substantial rally; any upward movement tends to be short-lived and lacks staying power.