- US Dollar Index stays in red below 100 on Friday.
- Wall Street’s main indexes trade in the positive territory.
- US: CB Leading Economic Index registers largest monthly drop in March.
The XAU/USD pair closed virtually unchanged at $1,715 on Thursday and came under strong bearish pressure on Friday as the upbeat market mood made it difficult for the safe-haven gold to find demand. Although the pair staged a technical rebound and climbed above the $1,700 mark in the early trading hours of the American session, it struggled to extend its recovery and was last seen down 1.5% on the day at $1,692.
Risk rally dominates markets on Friday
The upbeat mood on heightened hopes of Remdesivir being used to treat coronavirus symptoms and the US moving toward reopening the economy stays as the main market theme on Friday.
After major Asian equity indexes finished the week on a strong footing, European stocks are posting decisive gains to reflect the risk-positive atmosphere. Additionally, Wall Street’s main indexes are adding more than 1% with the exception of the Nasdaq Composite.
On the other hand, the US Dollar Index is staying in the negative territory around 99.70 to suggest that the greenback is also suffering losses amid risk-on flows to keep the pair’s losses limited for the time being. The only data from the US on Friday revealed that the Conference Board’s Leading Economic Index declined by 6.7% in March to register its largest fall ever.
Technical levels to watch for
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