By the end of January 2026, precious metals experienced a sharp decline. Trump nominated a new Federal Reserve Chair, Waller, and even threatened to force him to cut interest rates, claiming he would sue if rates were not cut. However, the current Fed Chair Powell's term doesn't end until May 15 of this year, and he has two more FOMC meetings before stepping down. It is believed that the market sentiment will not be very optimistic until then. Good fundamentals are only expected after June. So, mainly consider short positions.