Forex. Gold exchange rate forecast for today
Thursday's results showed that gold is trading with a predominant growth and is trying to turn around against the established downward trend. However, the trades are more speculative in nature. During the week, market participants have been selling bank metal against the background of excessive strengthening of the US dollar due to rising inflation of the Fed's intention to fight this.
Recall that US consumer prices in October increased by 6.2% compared to the same month last year. This is the maximum pace in almost 31 years. The market is closely monitoring US inflation indicators, as they are key for the Federal Reserve System (FRS) to make decisions on the further direction of monetary policy.
Today, the focus was on macro data from Germany, one of the key economies of the Eurozone. A precedent has already been set for the risk of global economic growth against the background of a new wave of the coronavirus pandemic. According to the final data of the Federal Statistical Agency of Germany, the German economy grew by 1.7% in the third quarter of 2021 compared to the previous three months. It was previously announced that GDP growth in the last quarter was 1.8%. Experts did not expect a revision of the indicator. In annual terms, Germany's GDP increased by 2.5%, as previously announced.