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CPM Group Trade Signal – October 1 2019

Commentaries & Views

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Time Stamp
Prices as of 9:43 a.m. EDT (14h 43m GMT) 1 October 2019 $1,470 (Basis the December 2019 Comex Contract).

Direction: Sell

Target Price / Range: $1,455

Timeframe: 01-10-2019 to 4-10-2019


Gold prices continue to be driven by shorter term investor activity based on technical buying and selling. As gold prices broke below support levels over the past few days there was increased technical selling. Prices are now in a downward trend and could fall to test $1,450. A break below this level could quickly push gold prices to fall toward $1,420. There remain economic and political issues that could quickly turn gold’s direction, but this may not occur until the middle of October when gold prices settle into a firm range. Fundamentally not much has changed, with elevated political risk affecting investors’ attitudes and gold prices.


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.