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Time Stamp
Prices as of 9.55 a.m. EDT Comex 30 June 2022 $1,818.80 (Basis the August 2022 Comex Contract).
Recommendation: Buy
Initial Target Price / Range: $1,835
Initial Timeframe: 30 June 2022 to 8 July 2022
CPM Group’s previous price target of $1,810 was hit earlier today. Prices have rebounded from this level in response to weaker than expected U.S. inflation and employment data. Recent data has been suggesting some softening in the U.S. economy. This is leading markets to believe that the Fed will be less hawkish than previously thought. Some market participants are pricing in a recession. This may be a stretch. While a recession could be possible sometime in the medium term it is unlikely in the short term. Nonetheless, concerns about a recession should be supportive of gold prices, which could lead to a short term bounce in prices, with initial resistance at $1,835.
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 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.
