CPM Group Trade Signal - June 3 2020 Update
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Prices as of 12:49 pm EDT (17h49 GMT) 3 June 2020 $1,697.10 (Basis the August 2020 Comex Contract).
Target Price / Range: $1,680
Timeframe: 04-06-2020 to 08-06-2020
Gold dropped through CPM’s $1,700 target, posted this morning NY time, touching $1 690.30. That was below our secondary, lower target of $1,691. CPM expects gold prices to weaken further, although there could be a period of consolidating prices before the next decline. There was some support at $1,690 this morning. The next target below $1,691 is$1,680.
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.