CPM Group Trade Signal - July 6 2020
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Prices as of 9:34 am EDT (14h34 GMT) 6 July 2020 $1,798 (Basis the August 2020 Comex Contract).
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.