Gold’s impressive 27% gain in 2024 sets the stage for an intriguing start to 2025. While January has historically been gold’s strongest month, recent years have seen a shift in this pattern. The metal faces headwinds from a hawkish Fed stance and a strong dollar, but potential support comes from ongoing Chinese demand and technical resilience. As markets resume normal trading, gold’s ability to maintain its position above the 100-day moving average could be crucial in determining whether it follows its traditional January uptrend.