Forex. Gold exchange rate forecast for today.
Technically, an ascending channel has formed in the banking metal market, but at the same time there is no way out of the important resistance level in the area of 1847.29. The restraining level against the decline of gold is the area of 1830.47 dollars per ounce.
The US stock market ended trading lower on Thursday amid negative dynamics from the consumer services, raw materials and technology sectors. At the close on the New York Stock Exchange, the Dow Jones fell by 0.89%, reaching a one-month low, the S&P 500 index fell by 1.10%. Gold continued to consolidate in the American session.
At the same time, consumer prices in the eurozone in December 2021 increased by 5% compared to the same month in 2020, according to the final data of Eurostat. This is the highest figure since July 1991. In November, annual inflation in the eurozone was 4.9%. The data for December coincided with both the preliminary assessment and the expectations of experts. Compared to the previous month, consumer prices rose by 0.4%.
Consumer prices, excluding volatile factors such as the cost of energy, food and alcohol, rose by 2.6% year-on-year last month, after the same increase a month earlier.