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CPM Group Trade Signal - June 3 2020 Update

Commentaries & Views

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Time Stamp
Prices as of 12:49 pm EDT (17h49 GMT) 3 June 2020 $1,697.10 (Basis the August 2020 Comex Contract).

Direction: Sell

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.

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.