On the other hand, Wall Street Journal came out with the news suggesting the progress in multi-billion dollars worth of spending by the Biden administrations.
Against this backdrop, the US dollar index steps back from a two-month top but stays on the road to the highest weekly gains since September 2020, down 0.10% around 91.82 whereas S&P 500 Futures print mild gains by the press time.
Given the lack of major data/events up for publishing during the rest of Friday, gold prices may track US dollar moves.
Gold’s bounce off 61.8% Fibonacci retracement of March-June upside lacks momentum as MACD favors bears.
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The Fed surprised markets with an abrupt hawkish shift that has triggered substantial volatility in currency markets.
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