We don't see much more upside potential: after all, Fed Chairman Jerome Powell indicated at the press conference following the Fed meeting that the first Fed rate cuts are likely to take some time to come. He considered an interest rate cut as early as March to be unlikely. The Fed first wants to be sure that inflation will return to the target level on a sustained basis. Weaker economic data alone will probably not be enough. 

Investors in the Gold market will have to continue to be patient. 

Against this backdrop, we are sticking to our view that the Gold price will initially continue to trend sideways and will only resume its upward trend in the second half of the year.