Daily Gold News: July 27 – Gold Price Advances After the Fed’s Release

Gold extends its short-term uptrend as markets await more economic data.

The gold futures contract gained 0.33% on Wednesday, July 26 as it extended its Tuesday’s bounce from the $1,950 price level. Recently it was retracing the 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 higher as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: July 27 – Gold Price Advances After the Fed’s Release - Image 1

The gold price is 0.3% higher this morning as it is further extending its short-term uptrend. What about the other precious metals? Silver is 0.5% higher, platinum is 0.1% lower and palladium is 0.1% higher. So the main precious metals’ prices are higher this morning.

Today we will get the ECB monetary policy release at 8:15 a.m., and the Advance GDP release at 8:30 a.m., among others.

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

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

Friday, July 28

  • 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
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • Tentative, Japan - BOJ Press Conference
  • All Day, Eurozone - German Preliminary CPI m/m

Paul Rejczak
Stock Trading Strategist