Forex. Gold exchange rate forecast for today
Technically, the banking metal market has formed a signal in favor of further growth. The first target in case of confident purchases is the September levels around $1800 per ounce.
The trades are influenced by sharp messages from Central Banks. The Fed left the interest rate unchanged. The Open Market Operations Committee (FOMC) has decided to start reducing the asset purchase program by $15 billion per month, starting in November. Given that the current monthly volume is $120 billion, the full roll-up will take exactly 8 months and will end in June.
The Bank of England continued the news background. The regulator announced the prospect of a tougher monetary policy. The bank said that in the coming months it will have to raise the rate from its low level of 0.1%. Meanwhile, the ECB kept the base interest rate on loans at zero following the results of the October meeting.
Signals from foreign markets did not have an impact on gold trading. The US stock market ended trading higher on Friday, due to the strengthening of the oil and gas, consumer services and raw materials sectors. At the close of the New York Stock Exchange, the Dow Jones rose by 0.56% and reached a historic high.