Gold price holds moderate gains after as-expected FOMC statement

New York (July 29)  Gold and silver prices are moderately up in afternoon U.S. trading Wednesday. Comex futures today closed at a record-high close. Bulls remain very strong and are looking to add to their recent upside price action. August gold futures were last up $7.30 an ounce at $1,951.80. September Comex silver prices were last up $0.045 at $24.34 an ounce.

The just-released Federal Reserve Open Market Committee (FOMC) statement shows no changed in U.S. interest rates or monetary policy, as expected. The Fed said monetary policy will depend on how the pandemic plays out in the coming months. Traders now await the press conference from Fed Chairman Jerome Powell. He will likely reiterate U.S. interest rates will remain low for a long time amid the challenges of dealing with the pandemic.

Global stock markets were mixed in overnight trading. The U.S. stock indexes are firmer in afternoon dealings. U.S. stock indexes have been supported recently by corporate earnings reports that have generally beat market expectations.

Meantime, Republican senators are presently splintered regarding a new stimulus package for Americans, heading into their August recess.

The important outside markets today see Nymex crude oil prices slightly firmer and trading around $41.25 a barrel. The U.S. dollar index is lower. The yield on the benchmark U.S. Treasury 10-year note is currently trading around the 0.59% level.

Technically, August gold futures bulls have the strong overall near-term technical advantage, to suggest still more upside in the near term. Prices are in an accelerating seven-week-old uptrend on the daily bar chart. Gold bulls' next upside near-term price objective is to produce a close above technical resistance at $2,000.00. Bears' next near-term downside price objective is pushing prices below solid technical support at $1,850.00. First resistance is seen at today’s high of $1,960.00 and then at the record high of $1,974.70. First support is seen at today’s low of $1,935.20 and then at $1,900.00.

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