Gold prices rose on Friday due to the fall of the dollar, which had hit a two-month high in the previous session. The Dollar Index, which measures the dollar's strength, dropped by almost 0.4% to 103.2 points. The US Federal Reserve Chairman (Fed), Jerome Powell, mentioned that inflation hasn't cooled down enough to pause rate hikes in June 2023. The market predicts an 82% chance of the Fed leaving rates unchanged at the June meeting.
The need to hold gold for risk hedging increased due to Republicans in the US Congress unexpectedly stopping debt ceiling negotiations with Democrats.
Gold is expected to recover and execute the SELL plan down by looking for Trend + EMA + Keylevel confluence.