Happy Friday, dear traders! This week was intense, and we hope you enjoyed it! Let’s check the news moving the markets today!

• The yen fell to a new low against the dollar, breaking 145 for the first time in seven months.
• Experts believe China’s recovery will fail because the government has launched a consumption-driven growth plan, which means the country will stop investing.
• Virgin Galactic shares (SPCE) fell 14% after the first commercial flight.
• Some cryptocurrencies skyrocketed because of the rumors about the new crypto exchange in the US called EDX Markets. Bitcoin Cash will be of the main assets for trading on EDX. BCHUSD is up 200% this week. 
• Import prices in Germany fell 9.1% compared to May 2022. Also, retail sales in May 2023 are up 0.4%. The German economy, which accounts for most of the EU, is feeling better.

XAUUSD analysis

According to our analysis, the XAUUSD pair has reached the support level of 1900, corresponding to the global 38.2 Fibonacci level when considering the Retracement starting from the lows observed in October 2022. Furthermore, it is noteworthy that 1900 holds significant psychological significance in the market. Yesterday, there was a notable rebound from this support level, indicating considerable interest from buyers at these price levels. As a result, we anticipate a probable short-term reversal soon. It appears to be an opportune moment to consider purchasing XAUUSD around the 1900 level, with a target of 1930 in mind.

Have a great trading session!