The gold futures contract reached new record high yesterday at the price level of $1,941.90, as it further extended the advance following recent breakout above the short-term trading range and $1,800 level. The yellow metal has reached the highest in history following U.S. dollar sell-off, among other factors. And overnight it reached close to $1,980, before sharply retracing that after-hours rally. Last month gold broke above medium-term local highs along $1,750 price level, as we can see on the daily chart:
Gold is 0.5% lower this morning after bouncing from $1,980 price level. The market traded at new record high. What about the other precious metals? Silver gained 7.23% on Monday and today it is 3.5 % lower following overnight reversal from $26 an ounce. Platinum gained 1.11% and today it’s trading 3.2% lower. Palladium gained 3.30% and today it’s 0.7% lower. So precious metals are retracing their overnight rally this morning.
Yesterday’s U.S. Durable Goods Orders/ Core Durable Goods Orders numbers release has been mixed. Today we will get the relatively important CB Consumer Confidence release at 10:00 a.m.
But the markets will await tomorrow’s FOMC Statement release and Thursday’s U.S. Advance GDP number. 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:
Tuesday, July 28
- 9:00 a.m. U.S. – S&P/CS Composite-20 HPI y/y
- 10:00 a.m. U.S. – CB Consumer Confidence, Richmond Manufacturing Index
- 9:30 p.m. Australia – CPI q/q, Trimmed Mean CPI q/q
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
Thank you for reading today’s free analysis. We hope you enjoyed it. If so, we would like to invite you to sign up for our free gold newsletter. Once you sign up, you’ll also get 7-day no-obligation trial of all our premium gold services, including our Gold & Silver Trading Alerts. Sign up today!
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
This article was originally posted on FX Empire
More From FXEMPIRE:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.