CPM Group Trade Signal - Sept. 4th 2019
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Featuring views and opinions written by market professionals, not staff journalists.
Prices as of 9:44 a.m. EDT (14h44 GMT) 4 September 2019 $1,555.00 (Basis the December 2019 Comex Contract).
Target Price / Range: $1,535 - $1,565
Timeframe: 04-09-2019 to 13-09-2019
Gold prices surged in recent days, following increased tensions on trade between the U.S. and China, Brexit, and a contraction in manufacturing activity in the U.S. Prices are likely to move sideways and consolidate around current levels, waiting for the next market moving event. There are several August macroeconomic releases scheduled over the next week and half, which could provide the required impetus to move prices out of this range. CPM Group is of the opinion that prices are more likely to break to the upside of this range in the short term. The gold market enters a seasonally strong period as we start September, which should provide downside support to prices for the remainder of the year.
Note: Discretion should be allowed at +/- $0.50 from the target.
Disclaimer – Past performance is no indication or guarantee of anticipated future profits, and neither Kitco Metals Inc. nor CPM Group can accept any liability or responsibility for any loss suffered as a result of gold price fluctuations. Gold as a commodity is not a specified investment for the purpose of giving advice under the Financial Services and Markets Act 2000. Therefore this trade recommendation does not give rise to rights to claim compensation under the Financial Services Compensation Scheme. CPM Group is a registered CTA with the U.S. NFA and CFTC. At times the principals and associates of CPM Group may have positions in the precious metals, commodity, and equities markets. CPM Group also manages investment and industrial positions in markets for its clients.