If you look at Fed Chairman Powell's most recent comments he's now backing off of his talk about continuing to shrink the balance sheet and maybe not raise interest rates anymore and so that's kind of reflating the bubble a bit but I don't think that's enough to do it.
I think the air is still going to come out of the bubble. The interest rate hikes that have already taken place are too much for the over-leveraged US economy to bear. so I think the Federal Reserve ultimately is going to go back to zero interest rates. It's not just about to slowing down the shrinking of the balance sheet.
I think they're gonna blow it back up even bigger with QE4 and of course when the Federal Reserve surprises the markets by doing a complete 180 on monetary policy, I think that you're gonna see the bottom drop out of the dollar and that's when you're really going see a big bid in the gold market.