Gold Fundamental Forecast – July 27, 2016

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Updated: Jul 26, 2016, 10:25 UTC

Gold drifted down a bit as traders remain sidelined ahead of big US data this week and the Federal Reserve meeting which begins later today and will

Gold drifted down a bit as traders remain sidelined ahead of big US data this week and the Federal Reserve meeting which begins later today and will conclude tomorrow afternoon. Gold volumes are expected to remain low, while nothing is expected from the Fed except a shift in language in their statement. Gold is trading at 1320.00. Kitco said gold prices were ending the U.S. day session weaker Monday, but up from the daily low. No new bullish fundamental developments are allowing gold prices to languish in a sideways to lower drift. The recent rallies in world stock markets have also hurt the safe-haven metal, as such indicates there is not much risk aversion in the marketplace at present.

The focal point of the marketplace this week will be the U.S. Federal Reserve’s Open Market Committee (FOMC) that meets Tuesday and Wednesday, and the Bank of Japan monetary policy meeting that takes place Thursday and Friday. No change is expected in U.S. monetary policy this week, but it is expected the BOJ will announce a new monetary policy stimulus package.

U.S. economic data Monday was light and included the Texas manufacturing outlook survey. However, the report pace will pick up significantly Tuesday with a big batch of data due.

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Upcoming Economic Events that you should be monitoring:

Wednesday, July 27, 2016

Country	Name	Volatility	Previous
AUD	Consumer Price Index (QoQ)	3	-0.2
AUD	RBA trimmed mean CPI (YoY)	3	1.7
AUD	Consumer Price Index (YoY)	3	1.3
AUD	RBA trimmed mean CPI (QoQ)	3	0.2
EUR	Gfk Consumer Confidence Survey	2	10.1
GBP	Gross Domestic Product (YoY)	2	2
GBP	Gross Domestic Product (QoQ)	2	0.4
USD	Durable Goods Orders	3	-2.2
USD	Durable Goods Orders Core	3	-0.3
USD	Pending Home Sales (YoY)	2	2.4
USD	Pending Home Sales (MoM)	2	-3.7
USD	Fed’s Monetary Policy Statement	3
USD	Fed Interest Rate Decision	3	0.5