The yellow metal could well move into the low $1,900 in the not-too-distant future if data remains strong enough to corroborate the Fed's interest rate forecast and technical supports are breached.

Given the world is looking like the Fed will not actually pull the trigger two more times, as suggested by the ‘meaningless’ median dots, our outlook for the yellow metal is positive.

Gold could well rally on any data showing inflation pressures are easing and the economy is reversing gears. 

We see Gold averaging $2,100 in the final three months of the year, as we suspect the US central bank will cut rates aggressively thereafter, potentially before the two percent inflation target is reached.