XAU/USD: Is the Bull Run Over?

Gold's recent dip to a two-month low has raised questions about whether its rally has run its course.

Technical indicators suggest the metal could see further downside, with key support around $2,540 aligning with the 100-day moving average and highs from August.

Also, we have weak (but growing) expectations that the Federal Reserve will push back its easing cycle due to fiscal policies under Trump. Additionally, we have U.S. annual inflation ticking up to 2.6% in October from 2.4% the prior month.

Traders now estimate a 60% probability of a December rate cut, down from 80% pre-election, reflecting heightened caution over policy shifts and inflationary pressures.