CPM Group Trade Signal - November 6th 2019
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Featuring views and opinions written by market professionals, not staff journalists.
Prices as of 9:47 a.m. EST (14h47m GMT) 6 November 2019 $1,489.30 (Basis the December 2019 Comex Contract).
Direction: Sell, Stand Aside
Target Price / Range: $1,480 -$1,500
Timeframe: 06-11-2019 to 13-11-2019
Gold prices have broken several support levels over the past several days. Prices have managed to hold up above $1,480, however. Recent improvements in financial market sentiments about the world economy are weighing on gold prices. Technical chart patterns now point toward lower prices, but are not strong at this point. The recent positive sentiment about the world economy could quickly pass and gold prices could quickly continue in their recent $1,480 - $1,520 trading range or even surge higher once more. In the meantime prices are likely to move sideways over the next several days.
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.