Gold’s daily outlook is cautiously bullish, reflecting a continuation of the strong upward momentum observed in recent weeks. The metal is trading near its 52-week high, with strong support from a combination of dovish Federal Reserve expectations, persistent geopolitical uncertainty, and robust central bank demand. However, a sense of consolidation is also present as the market awaits fresh catalysts from today’s economic calendar and the impending Fed meeting. While the long-term trend remains positive, a short-term pullback to retest key support levels cannot be ruled out, especially given the rapid ascent over the past few days.

Changes to Weekly Outlook

The weekly outlook remains decidedly bullish. The key development since the weekly scan is the continued rally in XAUUSD, which has pushed the price to new highs. This rally has been fueled by stronger-than-expected economic data, particularly in retail sales, which has solidified market expectations of a Federal Reserve rate cut. This new data, combined with a weakening US dollar, has created a more favorable environment for gold, reinforcing our previously established bullish stance. There are no signs of a reversal in the fundamental drivers of this trend, though a period of price consolidation or a minor correction would be healthy for the market.