The daily outlook for XAUUSD remains firmly bullish. The precious metal is holding near record highs, underpinned by expectations of a potential US interest rate cut and continued safe-haven demand amidst global economic and geopolitical uncertainties. Price action is currently within a well-defined uptrend channel, suggesting that buyers are in control and any short-term pullbacks are likely to be met with demand. The market’s focus remains on key economic data releases from the United States, which could further influence the Federal Reserve’s monetary policy trajectory.

Changes to Weekly Outlook

The weekly outlook, which was already bullish, remains unchanged and has been reinforced by recent developments. The sustained momentum above the key $3,600 psychological level, coupled with a weaker US dollar and a series of dovish comments from Fed officials, has solidified the bullish case. The anticipation of a Fed rate cut, spurred by incoming data, continues to be the primary catalyst. There have been no significant shifts to contradict the established bullish trend.