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Time Stamp
Prices as of 2:44 p.m. EST 31 July 2023 $2,006 (Basis the December 2023 Comex contract).
Recommendation: Buy
Initial Target Price / Range: $2,025
Initial Timeframe: 31 July 2023 to 11 August 2023
Gold prices have broken above some key technical levels this morning, which could open the door for higher prices in the near term. Prices could rise toward $2,025 or even $2,030 during such a move higher. Economic conditions have been stronger than market expectations and inflation has been softening, giving financial markets reason to believe that the Fed may be able to moderate inflation further without prompting a recession, even with further interest rate hikes.
That said, shifts in supply and demand for goods and services in the actual economy continue to tighten, which could combine with fiscal jockeying in Congress and the Administration to lead to renewed caution later this year.
This opens up the possibility for somewhat higher prices across all four precious metals in the next few weeks, with lower prices later.
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.
