Forex. Gold exchange rate forecast for today
Gold continues to show positive trading dynamics. An upward trend has formed, which technically can push traders to buy further. The restraining level against the decline is the area of $1820 and $1808.
Trading activity in financial markets is expected to increase today. Investors are waiting for the publication of the US and Chinese consumer price indices for October. Good American data will only strengthen the position of the US dollar against other world currencies. China's rising inflation may create pressure on gold as part of speculative trading. The change in weekly applications for unemployment benefits will add to the trading activity.
Global market signals do not please investors and may push them to buy gold. The index of investors' expectations for the German economy rose to 31.7 points in November from 22.3 points in October. Analysts had expected a decline of up to 20 points. Meanwhile, the assessment of the current situation in Germany turned out to be worse than expected. The index fell to 12.5 points this month from 21.6 points in October. Experts predicted that the indicator would decrease only to 18.3 points.
Meanwhile, last week, US President Joe Biden held two separate meetings with current Fed Chairman Jerome Powell and Lael Brainard. He is considering their candidacies for the post of head of the central bank next year. Personnel changes at the Fed may speculatively weaken the US dollar.