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CPM Group Trade Signal - Sept. 4th 2019

Commentaries & Views

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Time Stamp
Prices as of 9:44 a.m. EDT (14h44 GMT) 4 September 2019 $1,555.00 (Basis the December 2019 Comex Contract).

Direction: Sideways

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.


 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.