Rate cuts are the main catalyst that all the gold bulls are waiting for, particularly if it comes with US dollar softness. However Scotia outlines two shorter-term factors that could boost gold's momentum.

1) COMEX speculative position of 222k contracts is at average levels (since 2018) and well below its 2020 peak

Comex futures positioning

2) ETFs are seeing outflows, suggesting retail still hasn't piled in

gold ETF flows