CPM Group Trade Signal - June 3, 2021
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Featuring views and opinions written by market professionals, not staff journalists.
Prices as of 10:21 a.m. EDT (15h21 GMT) 3 June 2021 $1,873.10 (Basis the August 2021 Comex Contract).
Direction: Take Profits, Stand Aside
Initial Target Price / Range: $1,850 - $1,900
Initial Timeframe: 3 June 2021 to 11 June 2021
Last Friday’s Trade Recommendation was made when gold was at $1,892.80. It was a sell signal with an $1,880 target. Prices rose over the past two trading days but sold off to $1,866.70 this morning.
CPM would take profits on any short positions and wait to reposition, possibly on Friday.
A strong U.S. employment report Friday morning could push gold down to $1,850, at least briefly. Beyond that, prices may rebound.
CPM assumes it will issue a new Trade Recommendation tomorrow, Friday 4 June, after the employment report has been digested by the markets.
Initial Target Prices and Timeframes are just that: Initial. If CPM does not issue a new Recommendation during or after that time it indicates that CPM is maintain the posture in the most recent Trade Recommendation.
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.
CPM’s preferred investment strategies use physical, futures, forwards, and options.
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.