The US employment data was significantly weaker than expected, and the US dollar fell sharply last Friday The gold price surged but fell back. Has the bull market reached its peak?

Last Friday (August 2), due to poor non farm payroll data directly igniting market expectations for a 50 basis point rate cut by the Federal Reserve in September, the US dollar index fell 1% during the day, hitting a new low in four months, and finally closed down 1.06% at 103.22; The Japanese yen rose 2% and broke through 147, while the Chinese yuan surged by over a thousand points; The yield of US Treasury bonds also plummeted, with the benchmark 10-year yield falling below 3.8% and closing at 3.793%, and the two-year yield falling below the 4% mark and closing at 3.890%.

Last Friday (August 2), gold prices surged and fell back. Earlier, due to the US non farm payroll data being worse than expected, they rose to around $2477.58 per ounce. However, bulls took advantage of the opportunity to take profits, causing gold prices to sell their gains and turn from gains to losses. The intraday low reached $2410.71 per ounce, closing at $2441.27 per ounce. The sharp decline in the US dollar index and lingering concerns about the geopolitical situation in the Middle East still attracted bargain hunters to support gold prices.

Last Friday (August 2nd), due to market concerns about the United States falling into an economic recession being ignited, crude oil plummeted by over 3%. WTI crude oil continued to decline before the US market and fell below $73 at one point, ultimately closing down 3.66% at $73.57 per barrel; Brent crude oil fell below the $80 mark and briefly hit a intraday low of $76.28, ultimately closing down 3.36% at $77.28 per barrel.