Despite the recent weak US economic data, a Fed rate cut has hardly moved any closer for most market participants. According to Fed Funds Futures, the first rate cut is not expected until June at the earliest. 

The Fed meets next week: a rate cut is not expected. But if the Fed's new projections and Fed Chairman Powell's words at the press conference can be interpreted as having increased the chances of faster interest rate cuts, the Gold market could even set new records, before the rally runs out of steam.