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CPM Group Trade Signal - March 22, 2021

Commentaries & Views

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Time Stamp
Prices as of 9:35 a.m. EST (14h35 GMT) 22 March 2021 $1,731.30 (Basis the April 2021 Comex Contract).

Direction: Stand Aside

Target Price / Range: $1,710 - $1,760

Timeframe: 22-March-2021 to 26-March-2021

Gold continues to be range bound, but clearly is exhibition stronger upward momentum than downward movement.

CPM would continue to stand aside, however, as there is a great deal of uncertainty across financial markets including gold as market participants work to understand the dynamics in a new interest rate environment.

We are likely to post a Buy recommendation if the gold price declines to around $1,710 - $1,715 in the next several trading days. While we anticipate higher prices, the current level of $1,731.30 seems a bit too high of an entry point, and the potential for prices to move back toward the middle of the recent $1,675 - $1,735 range remains high enough to encourage caution and patience.

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.

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.