CPM Gold Trade Recommendation
Time Stamp
Prices as of 10:27 a.m. EDT 14 November 2024 $2,576.80 (Basis the December 2024 Comex contract).
Recommendation: Buy
Initial Target Price / Range: $2,625
Initial Timeframe: 14 November 2024 to 29 November 2024
Stop Loss: $2,520
Gold prices have retreated from a record high of $2,801.80 reached on 30 October. Gold is now down more than $200 since then, a little more than two weeks’ time. Despite there being some uncertainty removed and profit-taking weighing on gold prices there remain many supportive factors for gold prices to potentially move higher once more. Prices could continue to test support level in the next few days, but if prices hold then there could be a pick in prices as the roll of the December Comex contract begins in earnest later this month. As of 13 November there were 26.6 million ounces in the December gold contract, down from 41.8 million ounces at the end of October. During the same time the February Comex contract rose to 20 million ounces, up from 9.1 million ounces at the end of October. These figures suggest profit-taking given the differences do not offset each other. Technical factors suggest a potential for lower prices but the financial and political landscape continue to lend support to higher prices, especially during this seasonally strong period for demand.
NOTE: With this issue CPM is adding Stoploss levels to its Trade Recommendations. CPM has tracked the hypothetical returns of its Gold Trade Recommendations since 2018 with and without Stoploss levels added to them. The use of stoploss levels significantly improves the hypothetical returns.
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.
