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CPM Gold Trade Recommendation
Time Stamp
Prices as of 9:35 a.m. EST 3 April 2023 $1,994.20 (Basis the June 2023 Comex contract).
Recommendation: Stand Aside
Initial Target Price / Range: $1,970 - $2,010
Initial Timeframe: 3 April 2023 to 14 April 2023
Gold prices appear to be consolidating at a high level, most recently between $1,970 and $2,010. Technical support is building, but resistance also is becoming firmer. Banking troubles a couple of weeks ago helped move prices to current levels from below $1,900 coupled with an expectation that the pace of rising interest rates could be slowed. This said, there is economic data that will continue to influence prices over the next several weeks and months. It would not be surprising for prices to move sharply either way on a deviation from expectations. At such a point an investor might want to go with the trend, perhaps selling if prices firmly break below $1,970 or buying if prices firmly break above $2,010. Either way, CPM will reevaluate market conditions and issue an updated Trade Recommendation.
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.
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
