The daily outlook for XAUUSD remains cautiously bullish, albeit with a short-term pullback. Gold is consolidating after a significant rally driven by expectations of a September Fed rate cut, a weaker U.S. dollar, and ongoing geopolitical tensions. The market is now absorbing these gains, and a period of consolidation or a slight correction is expected before the next potential move higher. The overall sentiment, building on the monthly and weekly bullish outlooks, is still positive, but today’s price action is likely to be driven by short-term technical levels and specific economic data releases.

Changes to Weekly Outlook

The weekly outlook remains bullish, but the recent move has elevated the key support levels. The previously established outlook, which was bullish due to increasing rate cut expectations and a weakening dollar, is still very much intact. However, gold’s ability to consistently break and hold above the $3,400 mark is the key focus for bulls. A sustained close above this level would provide a strong signal for a continuation of the rally. Conversely, a failure to hold above key intraday support could lead to a deeper correction, though this would not necessarily negate the broader bullish trend. The market is waiting for new drivers, as the most recent news has already been priced in.