As per the prior analysis, 'EUR/USD Price Analysis: Bears are lurking with eyes on 61.8% Fibo target', the market has melted to the target and now the focus is on the upside should the support structure hold.
The XAU/USD pair fluctuated wildly in the early American session as investors assessed the latest inflation report from the US. After spiking to a daily high of $1,843, the pair reversed its direction and dropped to $1,820 area.
US inflation soared in April and so did market volatility. Treasury rates rose, the dollar followed and equities dropped for a second day. The Fed insists prices increases are temporary but behind the pandemic base effect commodity prices are sharply higher and wages are rising.