Contributed Commentaries
CPM Trade Signal - Jul. 5, 2023
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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Time Stamp
Prices as of 11:02 a.m. EST 5 July 2023 $1,926.50 (Basis the August 2023 Comex contract).
Recommendation: Sell
Initial Target Price / Range: $1,905
Initial Timeframe: 5 July 2023 to 21 July 2023
Gold prices fell to an intraday low of $1,900.60 on 29 June before recovering. Prices rose to reach $1,942.90 earlier today before retreating. Gold prices will likely continue to test support levels in the coming weeks, as seasonal weakness weighs on prices. A relatively quiet summer in the Northern Hemisphere typically weighs on many asset classes, including gold. So far, there appear to be no major headline news influencing markets. A firm break below $1,900 increases scope for further declines, but until it happens CPM’s target is $1,905.
CPM has one-month, three-month ranges and eight-quarter quarterly price projections with greater discussion of the factors behind CPM’s analyses provided in CPM’s monthly subscription service, the Precious Metals Advisory.
While short-term trade recommendations provide high risk – high reward opportunities for investors, it is difficult to capture the complex web of factors affecting precious metals prices and the nuanced CPM analyses of these factors that goes into our firm’s price projections. In addition to these short-term outlooks, CPM Group provides clients enhanced trade recommendations that include one and three month price projections, as part of our Retail Investor Program. Contact CPM at info@cpmgroup.com for details.
Notes:
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 maintains the posture in the most recent Trade Recommendation. Position may be closed out once target price is reached, within the noted discretion or until CPM provides new trade recommendation. CPM may have reported to have closed out of prior trade recommendation at its discretion before publicly publishing new trade recommendation due to processing time.
Discretion should be allowed at +/- 0.20% of the price at the time each TR is issued from the target.
CPM’s preferred investment strategies use physical, futures, forwards, and options.
CPM Group wants to thank the following companies for helping us make these short Trade Signals available free of charge, and for their commitment to providing good information in opaque and asymmetrical commodities markets.
Kitco
Metallic Minerals
Stillwater Critical Minerals
Granite Creek Copper
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