CPM Gold Trade Recommendation
Time Stamp
Prices as of 1:43 p.m. EDT 11 July 2024 $2,419.10 (Basis the August 2024 Comex contract).
Recommendation: Sell
Initial Target Price / Range: $2,400
Initial Timeframe: 11 July 2024 to 25 July 2024
Gold prices rallied today following the release of better than expected inflation data for the United States. Prices broke above CPM’s price target of $2,410, reaching an intraday high of $2,430.40 today before easing. In the short term there could be continued profit-taking, with an initial price target of $2,400. This said, prices could just as easily make another move higher, potentially aiming for the record price of $2,454.20 notched on 20 May of this year.
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.
