CPM Group Trade Signal - Sept. 20th 2019
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Featuring views and opinions written by market professionals, not staff journalists.
Prices as of 9:52 a.m. EDT (14h52 GMT) 20 September 2019 $1,509.00 (Basis the December 2019 Comex Contract).
Target Price / Range: $1,496
Timeframe: 23-09-2019 to 27-09-2019
Gold prices touched our previous target of $1,496 on 18 September and slipped to $1,490 on an intraday basis that day before recovering back to present levels. On a short term basis gold prices are expected to be volatile and are expected to retest support levels below $1,500. Beyond the next couple of weeks prices are likely to rise, however, with the medium to longer term expectation still for higher prices.. The recent Fed statement showed members not in unison about future interest rates, adding to the uncertainty in the economy. Politically, not much has changed. Brexit remains an issue and the Trump administration continues to face trade issues with China. Another addition to the economy and politics is the recent Saudi disruption to its oil production, alleged to be caused by Iran from a drone attack. This should all be supportive of gold, but prices may have to consolidate around current levels first for them to move markedly higher.
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.