At the end of a hiking cycle and the beginning of possible rate cuts, that’s where gold and other precious metals start to move.
Keep in mind what happened after previous rate hike cycles:
In June 2000, the Fed completed its last rate hike for that cycle; gold appreciated 47% in the next four years.
In June 2006, the Fed raised rates for the last time in that cycle, and gold was 50% higher by 2008.
In December 2018, the Fed finished off that rate-hiking cycle; gold was 47% higher by the third quarter of 2020
–Interview of Larry McDonald,The Bear Traps Report