CPM Group Trade Signal - January 8, 2021
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Prices as of 9:57 a.m. EDT (14h57 GMT) 8 January 2021 $1,859.90 (Basis the February 2021 Comex Contract).
Target Price / Range: $1,880
Timeframe: 08-01-2021 to 20-01-2021
Gold prices started this year on a strong footing, rising to an intraday high of $1,962.50 on Wednesday 6 January, just two days ago. Since then prices have come off around $100. Prices have declined as the dollar has strengthened, interest rates have risen, and gold prices tested and broke below support levels.
With much economic, financial, and political turmoil still ongoing, it would not be surprising to see gold prices rise $100 next week or before the end of this month. Those participants who bought puts, recommend in the previous trade recommendation may want to sell those puts now for a profit. A rally in prices could take gold to test $1,900 initially, followed by $1,920, $1,960, and possibly $2,000 before month’s end.
Note: Discretion should be allowed at +/- 0.20% of the price at the time each TR is issued from the target. Recommendations are valid until the target date or a new Trade Recommendation or message is issued by CPM.
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.