Forex. Gold exchange rate forecast for today
Technically, nothing has changed in the banking metal market – the same trading range is visible. Small purchases started from reliable price support in the American session. The targets in the resistance area are $1,768 and $1,779 per ounce. The restraining level against the decline of gold is the area of 1680-1720 – these are the price supports of March and August.
Global market signals suggest that gold will rise in price, as there are risks. China's real estate sector continues its struggle with the bond market. China Evergrande is ready to miss a payment on another of its debts. Credit spreads on Chinese corporate dollar bonds reached a record high yesterday.
The middle of the week will be active. On Thursday, the focus is on the producer price index and the number of initial applications for US unemployment benefits. On the same day, the president of the Federal Reserve Bank of Atlanta, Rafael Bostic, will speak. An important factor against gold is that investors see a priority in favor of the US dollar. Since the expected changes in the monetary policy of the US Federal Reserve provoke the strengthening of the US currency.