Gold trades higher ahead of the important FOMC release.
The gold futures contract gained 0.8% on Tuesday, July 25 as it bounced from around the $1,950 price level. Recently it was retracing its advance after bouncing from a local high of around $1,990. On June 29 gold was the lowest since mid-March (the low was at $1,900.60).
In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from local low of around $1,813.
Today gold is trading higher again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher this morning as it is trading above the $1,970 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.8% lower and palladium is 0.7% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s CB Consumer Confidence release has been higher than expected at 117.0. Today we will get the important FOMC Statement release at 2:00 p.m. and the FOMC Press Conference at 2:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, July 26
- 10:00 a.m. U.S. - New Home Sales
- 2:00 p.m. U.S. - FOMC Statement, Federal Funds Rate
- 2:30 p.m. U.S. - FOMC Press Conference
Thursday, July 27
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- Tentative, Japan - BOJ Outlook Report, Monetary Policy Statement, BOJ Policy Rate
Paul Rejczak
Stock Trading Strategist