CPM Group Trade Signal - September 17 2020
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Featuring views and opinions written by market professionals, not staff journalists.
Prices as of 9:30 a.m. EDT (14h 30 GMT) 17 September 2020 $1,942.60 (Basis the December 2020 Comex Contract).
Target Price / Range: $1,985
Timeframe: 17-09-2020 to 25-09-2020
CPM Group remains positive on the near term prospects of gold prices. That said, there is potential for gold prices to soften over the next couple of days before making a move higher. The recent strength in gold prices, renewed strength in the U.S. dollar and no new guidance from the Fed could result in some short term profit taking.. On the down swing gold prices could test $1,927. CPM recommends this decline be used as a buying opportunity, with an objective of $1,985.
Investor sentiment toward gold is still very positive and the upcoming U.S. election adds further fuel to the fire of uncertainty. If gold prices fail to decline and instead consolidate around current levels of $1,940 over the next couple of days this too should be used as a buying opportunity with the above stated upside objective.
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.