July 24, 2019

Gold is up slightly midday, hovering around $1,423.50, as weak economic data out of Europe comes one day before the ECB meets to discuss monetary policy.  The ECB is expected to modify its forward guidance tomorrow to make room for a rate cut in September.  This should provide some insight into next week’s Fed decision where rates could drop 25 or 50 bp, or remain unchanged;  however, most predictors point to a 25 basis point cut next Wednesday.