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Time Stamp
Prices as of 9:08 a.m. EDT Comex 15 September 2022 $1,695.05 (Basis the December 2022 Comex Contract).
Recommendation: Sell
Initial Target Price / Range: $1,685
Initial Timeframe: 15 September 2022 to 23 September 2022
Gold prices tested CPM Group’s previous sell target of $1,695. Prices could continue to decline in the short term, with initial support at $1,690 followed by $1,685. There was a mixed bag of U.S. economic reports released this morning, with headline retail sales and jobless claims data showing strength while core retail sales and manufacturing data showing signs of weakness. This mix of data should prevent gold prices from moving smoothly in one direction. Another risk to the forecast of weaker prices is the possible intervention by the Bank of Japan in its domestic currency market, which could weigh on the U.S. dollar. That said, CPM’s short-term bias, ahead of next week’s Federal Open Market Committee meeting, is for somewhat weaker prices.
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.
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.
