Gold Signal Hits Take Profit – Russia’s Polyus Increased Production

Recalling our earlier update, the yellow metal gold Quick Update on Gold’s Sell Signal, US-China Trade War Plays, the signal has closed at our target price. However, there’s another fundamental in play now.

PJSC Polyus is Russia’s largest gold producer, headquartered in Moscow and is listed on both the Moscow and London Stock Exchanges. Earlier today, Polyus reported a 20% rise in Q4 net profit to $291 million compared with last year.

As per recent news, the company announced that it intended to spend around $725 million in 2019 to increase production of gold.

Our forex trading signal in gold closed at $1,307.50 but the technical and fundamentals are still suggesting a strong bearish bias. Gold can go after $1,304 level today, while the resistance stays at $1,312.

Good luck!

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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