Two very important dates are now behind us: July 26 (Comex gold expiration) and July 27 (FOMC announcement). First, Comex gold expiration has always been a "play thing" of the bullion banks. Prices tend to get pegged or massaged in the days and weeks leading up to expiration based on max pain levels in the options markets. Very rarely do the metals rally into expiration. For that reason alone, I wasn't surprised to see gold and silver drift down in uninspiring trade. Keep in mind also that Silver trades on the heels of gold, just in a more volatile fashion. As gold goes, so does silver.
The second date, July 27 (yesterday), was the usual FOMC day where gold and silver get smashed the moment the announcement is made (the first reaction is literally always lower, regardless of the statement). FOMC days are a cluster and I would never recommend trying to trade an announcement. After the initial smash lower, there tends to be huge volatility in both directions. So it is likely that you will get whipsawed out of a position based on knee-jerk reaction trading. Also, it usually takes a day or two for the metals to settle down after the announcement.
So now that those two days are behind us, there really aren't any more wild cards in that I'm seeing in the short-term which should bode well for the PM sector. That said, let's take a look at some charts and see what's going on.
That's all for today folks. Thanks so much for reading!