Daily Gold News: Thursday, July 29 – Gold Price Higher as Dollar Weakens

The market fluctuated following the FOMC Statement release. On July 15, it has reached a local high of $1,835. Since then it has been going sideways. This morning gold is breaking above its over week-long trading range, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.8% higher, as it’s getting closer to mid-July local highs. What about the other precious metals? Silver is 2.1% higher, platinum is 1.0% higher and palladium is 1.1% higher. So precious metals’ prices are higher this morning.

Yesterday’s FOMC Statement announcement hasn’t been much of a market mover. But today precious metals are advancing led by a weakening U.S. dollar. We will get the Advance GDP release along with the Unemployment Claims at 8:30 a.m.

Where would the price of gold go following Wednesday’s FOMC news? We’ve compiled the data since January of 2017, a 53-month-long period of time that contains of thirty six FOMC releases. The first chart shows price paths 5 days before and 10 days after the FOMC release. The latest FOMC Statement release came out on June 16. Gold price was 4.8% lower 10 days after the release.

The following chart shows average gold price path before and after the FOMC releases for the past 36 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.49% higher 10 days after the FOMC Statement announcement.

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

Thursday, July 29

• 8:30 a.m. U.S. – Advance GDP q/q, Advance GDP Price Index q/q, Unemployment Claims
• 10:00 a.m. U.S. – Pending Home Sales m/m

Friday, July 30

• 4:00 a.m. Eurozone – German Preliminary GDP q/q
• 8:30 a.m. U.S. – Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, Employment Cost Index q/q
• 8:30 a.m. Canada – GDP m/m, IPPI m/m, RMPI m/m
• 9:45 a.m. U.S. – Chicago PMI
• 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
• 9:00 p.m. China – Manufacturing PMI, Non-Manufacturing PMI

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