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Is time for Gold bull to give up?

The Fed's shift has shaken the market, ending the gold bulls' party. One of the main drivers behind gold's recent rise has been Federal Reserve rate cuts and signs of a slowing U.S. economy. However, the opposite trend is emerging, with the Fed likely pausing rate cuts now.

Further trade wars could begin as early as Q1 2025 under Trump, potentially driving inflation higher and dampening gold demand.

Additionally, ongoing efforts to negotiate a truce between Russia and Ukraine may further reduce gold's appeal.

Technically, the price has broken below the December 6 and November 26 lows. As long as it remains under $2634, the double top/rectangle pattern indicates a potential drop to $2499. However, a more immediate target for short-term traders is yesterday's low at $2576.

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