CPM Group Trade Signal - Sept. 16th 2019
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Featuring views and opinions written by market professionals, not staff journalists.
Prices as of 9:36 a.m. EDT (14h36 GMT) 16 September 2019 $1,509.00 (Basis the December 2019 Comex Contract).
Target Price / Range: $1,496 or lower
Timeframe: 16-09-2019 to 20-09-2019
Gold prices reached an intraday high of $1,566.20 on 4 September, then dropped sharply to test $1,492.10 before recovering. While a lot of political and economic factors around the world continue which should be supportive of gold prices in the medium to long-term, in the meantime on a short term basis gold prices could move somewhat lower. Trade issues remain, Brexit is approaching, and there has been a recent disruption to Saudi oil production. However, stock markets continue to rise, U.S. consumer spending remains firm, and economic data for the most part remains positive. A price drop below $1,490 could push gold prices to test $1,420 – $1,440 in the next week or two. Prices jumped sharply higher from $1,450 to above $1,490 in early August and this price gap could be filled should gold prices fall below support at $1,490.
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.