Daily Gold News: Wednesday, July 29 – Uncertainty Following Gold’s Record-Breaking Rally

On Tuesday the gold futures contract reached another new record high of $1,974.70, as it accelerated the advance following recent breakout above the short-term trading range and $1,800 level. However, the yellow metal closed $30 below the daily high yesterday, as it gained 0.7%. Gold reached the highest in history following U.S. dollar sell-off, among other factors.

Gold is unchanged this morning as it is extending a short-term consolidation following record-breaking advance. What about the other precious metals? Silver lost 0.82% on Tuesday and today it is 0.1 % lower. Platinum gained 2.03% and today it is 1.1% lower. Palladium lost 0.18% on Tuesday and today it’s 2.7% lower. So precious metals are mixed this morning.

Yesterday’s U.S. CB Consumer Confidence release has been slightly worse than expected at 92.6. Today we will get the Pending Home Sales number at 10:00 a.m. and then the important FOMC Statement release at 2:00 p.m.

On Thursday we will get the U.S. Advance GDP number, among others. The GDP is expected to decline by a stunning 35.0% q/q!

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

Wednesday, July 29

• 8:30 a.m. U.S. – Goods Trade Balance, Preliminary Wholesale Inventories m/m
• 10:00 a.m. U.S. – Pending Home Sales m/m
• 2:00 p.m. U.S. – FOMC Statement, Federal Funds Rate
• 2:30 p.m. U.S. – FOMC Press Conference

Thursday, July 30

• 4:00 a.m. Eurozone – German Preliminary GDP q/q, ECB Economic Bulletin
• 5:00 a.m. Eurozone – Unemployment Rate
• 8:30 a.m. U.S. – Advance GDP q/q, Advance GDP Price Index q/q, Unemployment Claims
• 9:00 p.m. China – Manufacturing PMI, Non-Manufacturing PMI

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For a look at all of today’s economic events, check out our economic calendar.

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

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