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CPM Group Trade Signal - July 6 2020

Commentaries & Views

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Time Stamp
Prices as of 9:34 am EDT (14h34 GMT) 6 July 2020 $1,798 (Basis the August 2020 Comex Contract).

Direction: Sell

Target Price / Range: $1,780

Timeframe: 6-07-2020 to 13-07-2020

Gold prices have been in an uptrend in recent days, testing $1,800 now. Prices seem likely to continue to test $1,800, but also easily can retreat back to $1,780 over the next several days. Profit-taking will likely set in if prices cannot forcefully top $1,800. Beyond the next few days, gold and silver fundamentals, market conditions, economic and political factors, and upward technical price chart patterns remain supportive for gold. Prices are expected to head higher overall, starting in July and continuing over the next four months as the U.S. election nears. As prices head higher there are fewer gold chart indicators to take cues from since gold has not traded at these levels for a sustained time in the past. This could make for a volatile next several months. Many market participants are rolling their August futures positions into December, waiting to see what the next several months will hold for markets.

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.