Overnight market review During the Asian session on Thursday and Friday (January 6), spot gold fluctuated and rose slightly, due to some rebound adjustment needs after the overnight sharp drop, and is currently trading around $1,837 per ounce. Gold prices weakened sharply on Thursday, away from Wednesday’s more than six-month high, as Fed officials saw no need to change their 2% inflation target, and data showed a tighter-than-expected U.S. labor market, boosting expectations that interest rate hikes will continue for longer Expected, the U.S. dollar index rose to a nearly one-month high.
A stronger U.S. dollar index weighed on gold, market data said. He emphasized that the Fed will remain hawkish for longer due to continued strength in the labor market.
Trading strategy suggestion: do more at low positions
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