Wmax Macro Research predicts that the US CPI will continue to cool down moderately in July, energy and housing inflation will both fall, and the marginal impact of tariffs will peak. Gold entered the overbought zone for the first time after rebounding nearly 9% in August. Technical and historical statistics point to short-term correction pressure, but global central bank gold purchases and policy shifts are expected to support a bullish structure in the medium term. Analyze the breakdown of inflation, the Fed's decision-making fulcrum and the key price of gold, revealing the differentiated pattern and allocation logic of short-term and long-term bulls.