Gold xauusd down to update

Gold’s recent rally accelerated last Friday, driven higher by weak US economic data, and the rally back towards a new all-time high has continued this week with the precious metal posting a $2,141.8/oz. peak yesterday. This left gold just $3 short of printing a new ATH. The technical outlook for gold remains positive and suggests that the precious metal will continue to move higher.

The drivers for the latest move higher in gold remain the same, the upcoming series of US interest rate cuts – three 25 basis point moves seen this year, starting at the June FOMC meeting – ongoing haven buying on geopolitical fears in Ukraine and the Middle East, and heavy central bank buying as bankers diversify away from the US dollar.

Later today, Fed Chair Jerome Powell will testify to the House Financial Services Committee (15:00 UK). Mr. Powell is not expected to lay out any timetable for interest rate cuts just yet, although any discussions about inflation, or the US labor market, will be keenly followed. The next FOMC meeting is on March 20th and this may be a more appropriate setting for official rate cut discussions.

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