Our free forex signals service today looks at the gold and we have the entry, stop and take profits levels for you.
The drop in US Treasury yields last week helped boost the attractiveness of non-yielding gold. Later in the week, the precious metal-stabilized as the yields on the Dollar and Treasury bonds cut some of their gains on a wave of higher-than-expected US inflation data. Consumer prices rose the most in June since 2008, beating all forecasts and testing the Federal Reserve’s commitment to ultra-light monetary support for the economy.
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Kirkland Lake Gold posted positive production and sales information. The company produced 379,000 ounces of gold in the second quarter, 9% above the consensus forecast. Second-quarter sales were 365,000 ounces, 5% above consensus. The company expects to reach the upper bound of the forecast of 1.3-1.4 Moz by the end of 2021.
Dundee Precious Metals also released preliminary second-quarter production results with consolidated gold production of 85,100 ounces, higher than the 73,700 ounce forecast. Gold production at Chelopech was very high: 52.600 ounces – an increase due to higher grades and improved recovery. Ada Tepe’s performance remained stable. Dundee produced 155,400 ounces and is in good shape for the company to reach a higher level in the indicative range.
On the other hand, Delta variant is quickly spreading across Europe and Asia, providing more room for the gains in the gold. The market is also expecting Fed’s tone to be dovish which can further weaken the Greenback and as a result strengthen the gold.
Gold free forex signals
Instrument: GOLD (XAUUSD)
Order: BUY STOP
Entry price: 1814.56
Stop Loss: 1788.70
TP1: 1853.50
Recommended Risk: 1%
Risk / Reward Ratio: 1:1.5
Signal validity period: Good until cancelled
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Saqib Iqbal
