Key Events for Next WeekGoldOANDA:XAUUSDMilo-BlakeKey Events for Next Week (Critical turning points determining the short-term direction of gold prices; expected surge in volatility) Next week marks a major macro-economic window at the end of July, featuring the Federal Reserve's policy meeting and the release of key inflation data. Coupled with month-end portfolio rebalancing and ongoing geopolitical tensions in the Middle East, the battle between bulls and bears is set to intensify: 1. July 29 (Wednesday): Federal Reserve July FOMC Meeting & Chair's Press Conference Market consensus expects the benchmark interest rate to remain unchanged at 3.50%–3.75% (no hikes or cuts). Market focus is entirely on the post-meeting messaging: assessments of inflation risks stemming from soaring oil prices, whether the option for a September rate hike remains on the table, and the overall stance on monetary policy tightness. The "hawkish" or "dovish" tone of the remarks will directly reshape the trajectories of the US dollar and Treasury yields, thereby determining the short-term direction of gold prices. 2. July 31 (Friday): US June PCE (Personal Consumption Expenditures) Price Index (The Fed's benchmark for core inflation) The PCE index is the inflation metric most closely watched by the Fed for monetary policy formulation. A rise in core PCE would reinforce expectations for rate hikes and continue to suppress gold prices, whereas a decline in inflation would temporarily alleviate tightening pressures, offering gold some short-term breathing room. 3. Ongoing variables: Developments in the US-Iran geopolitical conflict in the Strait of Hormuz and fluctuations in international crude oil prices; month-end position adjustments by institutional futures traders and ETFs, likely leading to increased intraday volatility characterized by sharp two-way price swings and market "shakeouts."