Analytical Charts - Jim Wyckoff
CPM Trade Signal - November 17, 2023
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Time Stamp
Prices as of 11:16 a.m. EST 17 November 2023 $1,986.10 (Basis the December 2023 Comex contract).
Recommendation: Sell
Initial Target Price / Range: $1,960
Initial Timeframe: 17 November 2023 to 30 November 2023
Gold prices fell to an intraday low of $1,958.80 on 15 November before rising. This low was within 0.20% of CPM’s most recent Trade Recommendation target of $1,955. Gold since has risen and is trying to break above $2,000. Today prices reached $1,996.40 before easing. It would not be surprising to see prices continue to test resistance levels, but then retreat over the next week or two.
Gold prices have been in an overall upward trend since bottoming out at $1,823.50 on 6 October, as per CPM’s expectations beyond the very short term expressed in these Trade Recommendations. (See CPM’s Precious Metals Advisory monthly reports and other CPM output for price expectations beyond the next week or two as expressed in these reports.)
The recent increase in prices may be due to a weakening U.S. dollar, some weaker than expected economic data, reduced market concerns of an imminent recession or higher interest rates, political and military developments, and other factors. Gold is expected to remain in an uptrend during the remainder of the year due to some seasonal factors as well as fundamental, economic and political developments, but could fall back on a very short term basis on profit-taking. Headline news is increasingly influencing volatile short term gold price swings, which should be expected to continue.
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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