Head Fake
The fool masses are factoring in an early Fed pivot fueling yet again another bear market rally the Fed will view as enough market strength to avoid the pivot and keep raising rates slowly for a while yet.
This market head fake won't last long as a result.
What its doing for the POG now is driving it up via investor sentiment the Fed is going to soon pivot and back off on interest rate hikes. The thinking being they will also switch back to all out monetary easing shortly afterward.
This/the sentiment investers are embracing at the moment will likely end abruptly. Abruptly ending this latest bear rally when the Fed continues to stay its course attempting to carry on fighting inflation a while longer still.
With that outcome, it will reverse current POG's upward course for awhile again absent the anticipated Fed pivot.
Already the US dollar is beginning to feel the heat of current investor confidence of an imminent Fed capitulation without regard that the Fed will likely head it off until later this year.