CPM Group Trade Signal – October 14 2019
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Featuring views and opinions written by market professionals, not staff journalists.
Prices as of 9:47 a.m. EDT (14h 47m GMT) 14 October 2019 $1,495.60 (Basis the December 2019 Comex Contract).
Target Price / Range: $1,506
Timeframe: 14-10-2019 to 18-10-2019
Gold prices are expected to rise this week, likely topping $1,506, and could surge toward $1,520. Prices dropped sharply late last week as news of a potential interim trade deal between China and the U.S. weighed on gold. The realization that the ‘first steps’ outlined by the U.S. government last week are not really anything on which to pin hope of a resolution to the trade war dissipated by the start of this week. Meanwhile there are many more factors unsettling financial markets which may support gold prices. A decision on Brexit is due by this Saturday 19 October. The increased turmoil in the Middle East, gathering political storms in Washington, and other issues may keep investors interested in gold. Recent economic data from China to the U.S. meanwhile shows exports fell sharply last month, around 20% from the previous month.
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.