CPM Group Trade Signal – October 1 2019
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Prices as of 9:43 a.m. EDT (14h 43m GMT) 1 October 2019 $1,470 (Basis the December 2019 Comex Contract).
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.