Entering the European market on Friday, as the market further digested bets that the Federal Reserve's interest rate hikes were over, the decline in U.S. bond yields further accelerated, and the stock market regained momentum. The U.S. dollar was dragged down and found it difficult to gain a foothold. USD/JPY fell to Below the 150 mark, at the same time, gold took the opportunity to rebound and just broke through the 1990 mark, approaching the 2000 mark again. Gold prices extended gains on Friday and were on track for their first weekly gain in three weeks as investors bet the Federal Reserve is done raising interest rates, which weighed on the dollar and U.S. Treasury yields.
Slowing U.S. inflation and poor preliminary data further strengthened expectations that the Federal Reserve may end its interest rate hike cycle, providing support for gold's rise. In terms of operation, it is recommended to continue to oscillate with a strong approach. The lower support will focus on 1980 and 1975 US dollars, and the upper space will focus on 2000 to 2010 US dollars.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.