Forex. Gold exchange rate forecast for today
Technically, nothing has changed in the banking metal market – trading in the same range. The first target in case of strong growth is $1,876 per ounce. The area of $1849 serves as a restraining level against the decline.
The US stock market ended mixed on Thursday, due to the strengthening of the consumer services, technology and healthcare sectors. The market is showing a decline against the background of negative dynamics in the sectors of telecommunications, utilities and industry. Gold speculatively failed to react to the weakness of the US stock market.
A strong dollar in monthly terms and rising inflation force the banking metal to be in weekly trading frames. U.S. Treasury bond yields rose along with inflation expectations on Tuesday, after data showed that retail sales exceeded forecasts in October. The volume of retail sales in the United States in October increased by 1.7% compared to September. Analysts predicted an increase of 1.4%.
Experts say that the data continue to indicate that the economy is recovering quite quickly. This, in turn, contradicts the Fed's opinion about the temporary nature of inflation.