The gold rally that pushed prices to record highs is showing signs of losing momentum as investors reassess their expectations for Federal Reserve interest rate cuts and the U.S. dollar strengthens. Analysts point to crowded speculative positioning, bullish sentiment, and technical indicators nearing sell thresholds as factors that could lead to a pullback in gold prices. The upcoming U.S. inflation report and labor market data may serve as potential catalysts for further repricing of Fed rate expectations, potentially putting additional pressure on gold.