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Time Stamp
Prices as of 12:25 p.m. EDT Comex 15 September 2022 $1,672.65 (Basis the December 2022 Comex Contract).
Recommendation: Sell
Initial Target Price / Range: $1,655
Initial Timeframe: 15 September 2022 to 23 September 2022
Prices have broken below CPM’s sell target of $1,685, released this morning. There is strong momentum to the downside for gold prices, with bond yields rising strongly. Weakness in gold prices could continue with the next downside target set at $1,655. That said, gold prices and bond prices are nearing oversold territory. This could give pause to gold’s downside momentum. The U.S. dollar meanwhile remains at elevated levels, but has not rallied strongly so far. Risks from a Bank of Japan intervention should not be ruled out. While gold prices could take a pause around present levels and even rise a little, the general trend for gold at present seems positioned to the downside.
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.
