Forex. Gold exchange rate forecast for today
Gold, after an unsuccessful attempt to break through the level of $ 1810 per ounce, nevertheless returned to the prices of the beginning of last week. An unexpected increase in inflation indicators from the University of Michigan revived confidence in reducing the Fed's stimulus in the near future. The market is almost certain that the Fed will reduce the purchase of securities, and this will increase the yield of US Treasury bonds.
The US stock market showed its confidence last week, the US dollar received strong support. At the moment, more than 30% of US companies whose shares are included in the S&P 500 index have reported quarterly results. According to media reports, the profit of 82% of them exceeded analysts' expectations, the revenue of 80% of these companies also exceeded forecasts. Strong results are one of the key drivers of the growth of stock indices to new record highs.
This week, gold will react to news from the United States. The focus will be on the index of business activity in the manufacturing sector (PMI) from ISM, the change in the number of people employed in the non-agricultural sector from ADP, the index of supply managers for the non-manufacturing sector from ISM, the Fed's interest rate decision and subsequent comments from the regulator, as well as the US unemployment rate for October.