Forex. Gold exchange rate forecast for today
Gold continues to show versatile trading dynamics. Technically, nothing has changed in the banking metal market – trading in the same range. The area of $1,787 serves as a restraining level against the decline.
Trading activity in financial markets is expected to increase today. The US session will see changes in the number of people employed outside agriculture from the US ADP for September. Good data will only strengthen the position of the US dollar against other world currencies. The Fed's interest rate decision will add to the trading activity.
The signals of the global market do not please investors, and may push them to buy gold. Iron ore prices continue to decline due to the expected reduction in demand from China, as well as against the background of measures to curb the growth of the cost of raw materials. In addition, China imposes restrictions on its production as part of a policy to reduce harmful emissions. According to the media, the country has set a goal to achieve carbon neutrality by 2060 and improve air quality by the Winter Olympic Games to be held in Beijing.
Meanwhile, the S&P 500 and Nasdaq indexes hit record highs on Tuesday thanks to strong company reporting, although growth was limited by investor caution ahead of the Federal Reserve's expected decision to wind down bond repurchases.