Before the conflict in the Middle East, investors expected the Fed to cut interest rates two or three times in 2026. Now, some even see the possibility of rate hikes. This shift in market expectations is weighing on XAU/USD. Let's discuss this topic and outline a trading plan. Major Takeaways Geopolitical risks remain elevated. Gold is receiving little support from central banks. The market has revised its outlook for the Fed's rate path. A rebound from 4,295 and 4,070 is a buying opportuni