CPM Gold Trade Recommendation
Time Stamp
Prices as of 4:21 p.m. EST 23 January 2024 $2,029.60 (Basis the February 2024 Comex contract).
Recommendation: Sell
Initial Target Price / Range: $2,010
Initial Timeframe: 23 January 2024 to 6 February 2024
Gold prices recently bottomed out at $2,004.60 on 17 January, falling below CPM Group’s last sell recommendation target of $2,010. Prices tested support the following day before recovering above $2,020 in the ensuing days. The roll of the February Comex contract into forward futures contracts is likely helping to keep gold prices from falling too much. A continued appreciating U.S. dollar and rising U.S. yields also will suggest lower gold prices. Prices are expected to retest $2,010 with the potential to break below $2,000 shortly thereafter.
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.
Prices as of 4:21 p.m. EST 23 January 2024 $2,029.60 (Basis the February 2024 Comex contract).
Recommendation: Sell
Initial Target Price / Range: $2,010
Initial Timeframe: 23 January 2024 to 6 February 2024
Gold prices recently bottomed out at $2,004.60 on 17 January, falling below CPM Group’s last sell recommendation target of $2,010. Prices tested support the following day before recovering above $2,020 in the ensuing days. The roll of the February Comex contract into forward futures contracts is likely helping to keep gold prices from falling too much. A continued appreciating U.S. dollar and rising U.S. yields also will suggest lower gold prices. Prices are expected to retest $2,010 with the potential to break below $2,000 shortly thereafter.
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
