Gold Price Rebounds From Almost A Year Low
XAUUSD
Gold Price (XAUUSD) rebounds from its huge fall on Thursday when gold prices dropped to $1,697.56, their lowest since August 2021. The precious metal is currently trading at around $1715. However, it has yet to validate a bullish reversal. Meanwhile, the US dollar index (DXY) is in a correction following a fresh 19-year high of 109.30 on Thursday. The Dollar Indexes' recent performance of repeatedly refreshing its highs signals the strength of its bullish momentum.
The market sentiment is currently in fear of a recession following Wednesday's US inflation data, which jumped to 9.1% YoY, despite the Federal Reserve adopting aggressive monetary tightening in March.