CPM Trade Signal - Sep. 20, 2021
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Featuring views and opinions written by market professionals, not staff journalists.
Prices as of 9:23 a.m. EDT (14h23 GMT) 20 September 2021 $1,759.10 (Basis the December 2021 Comex Contract).
Initial Target Price/ Range: $1,780
Initial Timeframe: 20 September 2021 to 30 September 2021
Gold prices fell sharply last week, despite what appears to be increasingly supportive news for gold. This news ranges from economic to political to financial. Prices bottomed out today at $1,742.30 before rising to current levels. Technical trading appears to be overriding any fundamental support for prices. Once gold fell below $1,780 support last week prices fell to the next support level, which is around $1,740. Prices remain vulnerable to another sell-off, on a technical basis, but many market participants may wait for what the Fed has to say for further price conviction. It may be worth standing aside until then, but if prices do rise then one could miss the rally if not positioned now.
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.