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CPM Gold Trade Recommendation
Time Stamp
Prices as of 11:02 a.m. EST 18 May 2023 $1,960.70 (Basis the June 2023 Comex contract).
Recommendation: Sell
Initial Target Price / Range: $1,950
Initial Timeframe: 18 May 2023 to 26 May 2023
Gold prices have broken below CPM Group’s stand-aside range of $1,980-$2,065, this morning. Gold prices are likely to continue declining with a potential target of $1,950 in the near term. There is increased optimism in the market that the U.S. government will be able to resolve the debt ceiling issue. CPM Group also believes that the issue will be resolved, but the pathway to such a resolution is unlikely to be as smooth as the market is presently behaving like it would be. Prices are likely to experience an increased level of volatility between now and an actual resolution to the debt ceiling issue, while prices are expected to soften toward $1,950, they are unlikely to stay there for very long in the near term.
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.
