CPM Gold Trade Recommendation
Time Stamp
Prices as of 11:50 a.m. EDT 28 May 2024 $2,361.60 (Basis the August 2024 Comex contract).
Recommendation: Stand Aside
Initial Target Price / Range: $2,280 – $2,450
Initial Timeframe: 28 May 2024 to 11 June 2024
CPM’s last Gold Trade Recommendation on 7 May had a “Stand Aside” recommendation and an expected range of $2,250 to $2,450, expecting a volatile market would continue and there was a risk of profit taking following rapid price increases since the middle of March to new record highs. The price was $2,321.60 that day.
Gold rose to $2,553 and then came off to $2,326, trading around $2,362 this morning.
CPM still recommends a Stand Aside posture for short-term investors. The economic and political environment remains extremely unsettled, opening the potential for gold to rise back above $2,400, to around $2,450 again. On the downside $2,250 still is possible, but CPM would raise the floor for the next two weeks to $2,280.
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.
