Gold recovers as Fed Chair Powell’s speech, US default news awaited

Markets turn dicey as traders await crucial events scheduled for late Friday and Sunday. The consolidation mode allows the US Dollar bulls to take a breather at a multi-day high, which in turn favors the Gold price to lick its wounds. On the same line, other commodities like crude oil and silver, join the Antipodeans to portray a corrective bounce.

However, GBPUSD remains indecisive as BoE policymakers failed to defend hawkish moves on Thursday‘s monetary policy hearings. In the same way, EURUSD also hesitates to cheer the US Dollar’s retreat amid downbeat EU data and somewhat downbeat comments from the ECB officials.

Even so, Wall Street closed positive and allowed the Asia-Pacific shares to grind higher, even if US stock futures struggle around a multi-day high.

Elsewhere, BTCUSD and ETHUSD rebound from the 100-DMA but hesitate in extending the bounces amid price-negative options market signals.

Following are the latest moves of the key assets:

• Brent oil braces for the first weekly gain in five by printing mild gains near $76.50.

• Gold price licks its wounds around $1,965, pressured near the six-week low at the latest.

• USD Index prints mild losses at the highest levels in two months, close to 103.40 by the press time.

• Wall Street closed with gains and favored the Asia-Pacific shares to grind higher. However, equities in Europe and the UK print remain mildly bid as we write.

• BTCUSD and ETHUSD ink minor gains around $26,900 and $1,810 as we write.