Forex. Gold exchange rate forecast for today
Technically, nothing has changed in the banking metal market – the same trading range is visible. The first target in case of strong growth is $1800 per ounce. The area of 1760 serves as a restraining level against the decline – this is the minimum of the beginning of the week.
US stock indexes are rising on Wednesday thanks to strong quarterly results from healthcare sector companies, including Anthem and Abbott. At the same time, concerns remain about the impact of supply chain problems and inflation on company profits.
The market signals are not in favor of gold yet. The dollar reached a peak of almost four years against the yen due to the growth in the yield of long-term US government bonds. At the same time, lower yields on shorter-term bonds weakened the dollar against other currencies. Consumer prices in the Eurozone rose by 3.4% compared to the same month a year earlier. Thus, inflation accelerated to the highest level since the beginning of the global financial crisis in September 2008.
The dollar index remains stable after a decline in previous trading. Expectations of a faster tightening of monetary policy in the Eurozone and the UK are growing among market participants.