Recently, there's been a lot of buzz around rate hike expectations. Plus, with European banks already raising rates and oil prices skyrocketing, it's definitely not easy for gold to see a short-term rally. Once the current headwinds pass and the bearish factors are fully priced in, there's still likely to be some room for an upward move. But a massive rally like before? That's going to be tough. Right now, gold (XAU) is at the $4,300 level, which is the key pivot point. Last week, after the CPI dipped to the $4,280‑$4,300 range, there was buying support at the bottom. The support level is holding strong, so it's all about waiting patiently for the right moment. As for Walsh and Trump, it's just one playing the "good cop" and the other the "bad cop." If the Fed raises rates and the U.S. stock market doesn't drop, how is Trump going to make the stock market rally during the midterm elections? Rate hike → short-term dip → bearish news priced in → rebound. But don't expect a crazy surge; it's just a rebound, nothing more. Second scenario: Rate hike + hawkish speech → more rate hikes coming → rebound, then another drop.