The daily outlook for gold remains bullish, building on the strong upward momentum from the monthly and weekly outlooks. The price is hovering near its all-time high, supported by expectations of an imminent Fed rate cut and a weakening US dollar. Geopolitical tensions also continue to provide a safe-haven bid for the precious metal.

Changes to Weekly Outlook

The weekly outlook, which was already bullish, has been reinforced by recent market developments. Notably, a series of softer-than-expected US economic data, including weaker jobs data and a decline in producer prices, has solidified market expectations for a rate cut at this week’s Federal Open Market Committee (FOMC) meeting. This has caused a further weakening of the US dollar and a drop in Treasury yields, both of which are highly bullish for gold. The previously established bullish trend is not only intact but has gained further conviction.