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CPM Gold Trade Recommendation
Time Stamp
Prices as of 10:48 a.m. EST 4 April 2023 $2,036.50 (Basis the June 2023 Comex contract).
Recommendation: Buy
Initial Target Price / Range: $2,050
Initial Timeframe: 4 April 2023 to 14 April 2023
Gold prices rallied today, firmly rising above $2,000, touching a high of $2,043 before easing as this Trade Recommendation was being written. The market appears to have reacted to the Job Openings and Labor Turnover Survey, which was at its weakest since July 2021. (That said, it was still high by historical standards, with the decline likely reflecting increased participation as some people return to the work force and secure jobs.) The weaker dollar and higher oil prices of the past two days added to the upward investor interest in gold and silver.
Gold prices may have a bit more to climb and could test $2,050, hovering around current levels. The market will want to see what the upcoming jobs report for the U.S. will show on Friday before gold prices take firmer direction once more.
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.
Kitco
Metallic Minerals
Stillwater Critical Minerals
Granite Creek Copper
