Forex. Gold exchange rate forecast for today
The next target in case of further sales in the support area is $1832 per ounce.
Global market signals keep investors on their toes. The Dow and S&P 500 indexes fell on Friday as fears of new lockdowns to contain the spread of the COVID-19 virus in Europe hit shares of banks, energy companies and airlines, and the rise of the technology sector pushed the Nasdaq to a record high. But still, the local growth of the index could not turn gold to further growth. The general negative of the end of the week formed a steady sell-off of the banking metal.
According to media reports, in Europe, a new outbreak of COVID-19 prompted Austria to announce plans for a full lockdown, and fears that Germany could follow suit due to a new wave of the pandemic caused fluctuations in stock markets around the world.
Banking sector stocks fell by about 2.6% following the decline in treasury yields, as investors bought safe bonds. The financial sector was among the worst in the S&P in terms of dynamics, falling by 1.7%.
The middle of the week will be active. On Wednesday, the focus is on US GDP for the third quarter and the number of initial applications for US unemployment benefits. Traditionally, world currencies paired with the US dollar will show an increase in trading activity. Gold will follow the trading dynamics of the foreign exchange market.