The price of gold increase more than 1900 level because of the US economic growth. Fed officials have signaled that they are accelerating the process of raising rates this year to control inflation. 

However, most economists expect that the disappointing U.S. GDP data could dampen the Fed's desire for aggressive monetary tightening. It was just like what people predicted. 

At the same time, market participants have also been overshadowed by concerns about soaring inflation and supply chain problems exacerbated by the conflict in Ukraine

Gold prices turned bullish after in the previous day's trading rose above the Supertrend indicator. The rebound is expected to continue until the level of 1921,000, especially if the price continues to hold above the area of 1903,580-1895,000.

USD is Slightly Declined 

The US dollar slightly declined from its highest level in 20 years lately. This was happened on Friday, but still in the path for it’s best month since 2015. What is the cause of this situation? 

In fact, it is triggered by an expectation combination for the US interest Rate increase and the growth concern. It is especially for the China and European area. 

At the last trading day in April for the currency, some pairs were weakening lately because of a stable global market. Besides that, market participants took an advantage from the Usd Increase. 

For your information, the index of dollar declined by 0.6% today in 102.98. However, it is still. Prepared for a 4.8% increase in April this month. However, the number may change due to a global Situation. 

Market Participants still Expect a 50 Basis Point Increase

The America’s growth data was weaker than the expectation on Thursday. This was unable to help stopping a dollar increase. Market participants are still hoping for 50 basis point raise. 

That is especially at the Federal Reserve meeting which will be held next week. A question from the market participants are whether this dollar increase is going to be continued in May or not. 

It was stated by Jeremy Stretch as a head of Strategy in FX G10 in CIBC. The meaning is that there is not any truth to add the dollar owning which has been already too much so far.

When USD was slipped, the other major currencies got a push where the Euro raised by 0.6% today in $1.05655. However, Euro is still in it’s declining monthly path of 4.5 percent as the biggest one since 2015.

Investors are Worrying about the Energy Safe 

So far, Euro has lost for about 6.6% to USD since the Russia invasion to Ukraine in 24 of February 2022. In line, the investors are worrying about the energy safe, inflation, and European growth. 

Meanwhile, the price of oil is getting stronger after a report that Germany was not against the Russian oil embargo. Next, it is able to tighten the stock in a crude oil market globally which has been Underpressured before. 

Germany's representative to the European Union is no longer objects to Russia's full oil embargo as long as Berlin is given time to secure alternative supplies. Robert Habeck gave his statement. 

He said that he could overcome the EU embargo on Russian imports and hoped to find a way to replace Russian oil with other supplies. For your information, German is high demanded on the Russia energy import. 

Russia Started to Use the Energy Export 

Russia has begun using energy exports as mace following the response of the United States and its allies to Moscow's invasion of Ukraine. That country cut the gas supplies to Bulgaria and Poland. 

They are trying to push the EU to adopt a new gas payment system. It involves opening an account at Gazprombank where payments in euros or dollars will be converted to rubles.