[Oriental Jincheng: Gold prices are likely to be weak and volatile] On October 27, Oriental Jincheng released a research report stating that there is a possibility of marginal cooling of geopolitical conflicts. If crude oil prices are pushed back from highs, U.S. inflation expectations and interest rate hike expectations may ease in stages, which will provide slight support for gold prices. However, crude oil and geopolitical factors can only affect short-term fluctuations. What really determines the direction will be the policy statement at the FOMC meeting. Current CME data shows that the market has fully priced in keeping interest rates unchanged this time, with the focus being on the policy statement and the Warsh press conference's description of the path to raising interest rates in December. If the Fed pauses as scheduled but adopts a hawkish tone and clearly retains the option of raising interest rates in December, gold prices will still be under pressure; if the meeting weakens guidance for subsequent interest rate hikes, gold prices are expected to recover. Overall, there is a strong wait-and-see mood in the market before the meeting. Gold prices are likely to be weak and volatile, and direction selection needs to wait for clear policy signals.