As the week drew to a close, all eyes were on the June personal consumption expenditures (PCE) index, a crucial inflation gauge favored by the Federal Reserve. Short-Term Forecast:  Cautiously Bearish In conclusion, gold faced an uphill battle this week, primarily due to robust U.S. economic data and a strengthening dollar. However, with the possibility of a dovish turn in U.S. interest rates and a key inflation indicator on the horizon, there remains a glimmer of hope for the precious metal’s short-term forecast.