Daily Gold News: Thursday, July 28 – Gold is Slightly Higher After the FOMC Decision

Gold Price Recap

The gold futures contract gained 0.08% on Wednesday, July 27, as it fluctuated following the FOMC interest rate decision announcement. The market advanced above the recent local highs, but it closed realitvely flat after a volatile trading session. So gold price continues to fluctuate within a consolidation following its last week’s Thursday’s-Friday’s rebound from the new medium-term low of $1,678.40. This morning gold is trading higher, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.3% higher this morning, as it is trading closer to the $1,750 level. What about the other precious metals? Silver is 1.3% higher, platinum is 0.1% lower and palladium is 0.7% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s FOMC Rate Decision release led to an increased volatility, but gold price basically went sideways. Today we will get the important Advance GDP release at 8:30 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Thursday, July 28

• 8:30 a.m. U.S. – Advance GDP q/q, Advance GDP Price Index q/q, Unemployment Claims

Friday, July 29

• 5:00 a.m. Eurozone – CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
• 8:30 a.m. U.S. – Core PCE Price Index m/m, Employment Cost Index q/q, Personal Income m/m, Personal Spending m/m
• 9:45 a.m. U.S. – Chicago PMI
• 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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