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Time Stamp
Prices as of 10:22 a.m. EDT Comex 15 August 2022 $1,782 (Basis the October 2022 Comex Contract).
Recommendation: Sell
Initial Target Price / Range: $1,770
Initial Timeframe: 15 August 2022 to 26 August 2022
Gold prices rose last week to peak at $1,814.40 before retreating. Gold is firmly trading below $1,800 today. To be fair: financial assets are off sharply this morning across the board, including U.S. equities, bonds, and a full range of commodities. Gold is falling in line with these, with the decline seemingly predicated on political and economic risks in the United States and other major nations.
Seasonal weakness is likely weighing on gold prices along with the expectation that the Federal Reserve will continue to raise interest rates. More will be known later this week when the Fed meeting minutes are released, which will likely contribute to broad-based market volatility. Prices appear to now be on a short term downtrend, if prices are able to settle below $1,785 they could test $1,770. A break below this level could quickly push prices toward $1,750.
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.
